Cepeda Corporation has the following cost records for June 2014. Indirect factor

Question

Cepeda Corporation has the following cost records for June 2014.

Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/14 3,000 Direct labor 40,000 Work in process, 6/30/14 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/14 5,000 Indirect materials 2,200 Finished goods, 6/30/14 7,500 Factory manager Cepeda Corporation has the following cost records for June 2014.

Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/14 3,000 Direct labor 40,000 Work in process, 6/30/14 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/14 5,000 Indirect materials 2,200 Finished goods, 6/30/14 7,500 Factory manager Cepeda Corporation has the following cost records for June 2014.

Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/14 3,000 Direct labor 40,000 Work in process, 6/30/14 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/14 5,000 Indirect materials 2,200 Finished goods, 6/30/14 7,500 Factory manager Cepeda Corporation has the following cost records for June 2014.

Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/14 3,000 Direct labor 40,000 Work in process, 6/30/14 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/14 5,000 Indirect materials 2,200 Finished goods, 6/30/14 7,500 Factory manager Cepeda Corporation has the following cost records for June 2014. Prepare a cost of goods manufactured schedule for June 2014. Prepare an income statement through gross profit for June 2014 assuming sales revenue are $92,100

Explanation / Answer

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PARTICULARS AMOUNT AMOUNT Direct Materials used 20000 Direct Labor 40000 Factory O/H Indirect Factory Labor 4500 Factory Utilities 400 Depreciation 1400 Maintenance 1800 Indirect Materials 2200 Factory Manager's Salary 3000 13300 Total Manufacturing Cost 73300 Work-in-Progress Adjustment Opening Balance 3000 (-) Closing Balance -3800 -800 COST OF GOODS MANUFACTURED 72500

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