Question

Autent %* Excellerplignment, CNT). Protected in File Home insert Draw Page Layout Formulas Data Review View Help Quichols FOLLCHED VW Be careful files from the more con contain viruses. Une you need to det e to vay in Protected View Enable Iding xo CD GHKLMNL01 1 E1-12 Prepare a cost of goods man actured schedule and a partial income statement 2 Cepeda Corporation has the following cost records for June 2017 Indirect factory labor $4,500 Factory ilities $400 Direct materials used 20,000 Depreciation factory equipment 1.400 Work in process, 6/1/17 3,000 Direct labor 40,000 Work in process, 6/30/17 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/17 5,000 Indirect materials 2,200 Finished goods, 6/30/17 7,500 Factory manager's salary 3,000 10 Instructions 11 (a) Prepare a cost of goods manufactured schedule for June 2017 12 (1) Prepare an income statement through gross profit for June 2017 assuming sales revenue is 13 $92,100 14 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" Value CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30 2017 Work in process, June 1 Direct materials used Direct labor Manufacturing overhead Indirect later Wabu E14 E1-12 E1-16 PIHAPI SA CD1 Value Owe x2 te Type here to search DELL

Answer 1

CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2017
Work in Process, June 1			3000
Direct Materials used		20000
Direct Labor		40000
Manufacturing Overhead
Indirect Factory Labor	4500
Factory manager's salary	3000
Indirect Materials	2200
Maintenance, Factory Equipment	1800
Depreciation, Factory Equipment	1400
Factory Utilities	400
Total Manufacturing Overhead		13300
Total Manufacturing Cost			73300
Total Cost of Work in Process			76300
Less: Work in Process, June 30			3800
Cost of Goods Manufactured			$72500

CEPEDA CORPORATION Income Statement (Partial) For the Month Ended June 30, 2017
Sales Revenue		92100
Cost of Goods Sold
Finished goods inventory, June 1	5000
Cost of Goods Manufactured	72500
Cost of Goods Available for Sale	77500
Less: Finished goods inventory, June 30	7500
Cost of Goods Sold		70000
Gross Profit		22100

Due to change in beginning work in process, direct labor and indirect materials, there is increase in cost of goods manufactured by $700 from $73200 to $72500.

CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2017
Work in Process, June 1			4200
Direct Materials used		20000
Direct Labor		39000
Manufacturing Overhead
Indirect Factory Labor	4500
Factory manager's salary	3000
Indirect Materials	2700
Maintenance, Factory Equipment	1800
Depreciation, Factory Equipment	1400
Factory Utilities	400
Total Manufacturing Overhead		13800
Total Manufacturing Cost			72800
Total Cost of Work in Process			77000
Less: Work in Process, June 30			3800
Cost of Goods Manufactured			$73200