Please include the nesscessary formulas for excel next to the answers! Cepeda Co
ID: 2594207 • Letter: P
Question
Please include the nesscessary formulas for excel next to the answers!
Cepeda Corporation has the following cost records for June 2017 Indirect factory labor Direct materials used Work in process, 6/1/17 Work in process, 6/30/17 Finished goods, 6/1/17 Finished goods, 6/30/17 $400 1,400 40,000 1,800 2,200 3,000 $4,500 20,000 3,000 3,800 5,000 7,500 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary Instructions (a) Prepare a cost of goods manufactured schedule for June 2017 (b) Prepare an income statement through gross profit for June 2017 assuming sales revenue is $92,100 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a"?" . CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2017 Value Work in process, June 1 Direct materials used Direct labor Manufacturing overhead Value Value Indirect labor Factory manager's salary Indirect materials Maintenance, factory equipment Depreciation, factory equipment Factory utilities Value Value Value Value Value Value Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Work in process, June 30 Cost of goods manufactured Value CEPEDA CORPORATION Income Statement (partial) For the Month Ended June 30, 2017 Sales Revenue Cost of goods sold Value Value Value Finished goods inventory, June 1 Cost of goods manufactured [from (a) above] Cost of goods available for sale Less: Finished goods inventory, June 30 Value Cost of goods sold Gross profitExplanation / Answer
Cost of goods Manufactured Schedule work in process,June 1 3,000 Direct materials used 20,000 Direct labor 40,000 Manufacturing overhead Indirect labor 4,500 Factory managers salary 3,000 indirect materials 2,200 Maintenance,factory equipment 1,800 depreciation,factory equipment 1,400 Factory utilities 400 total manufacturing overhead 13,300 total manufacturing costs 73,300 total cost of work in process 76,300 less:Work in process ,june 30 3,800 cost of goods manufactured 72,500 income statement Sales revenue 92,100 cost of goods sold finished goods inventory,june 1 5,000 cost of goods manufactured 72,500 cost of goods avaiable for sale 77,500 less:finished goods inventory,june 30 7,500 cost of goods sold 70,000 Gross profit 22,100