Question

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Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used Work in process, 6/1/20 Work in process, 6/30/20 Finished goods, 6/1/20 Finished goods, 6/30/20 $5,440 22,340 3,100 4,760 5,900 7,690 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary $480 1,500 41,010 1,840 2,820 3,640 (a)

Answer 1

Working Note: Calculation of Cost of Goods Manufactured: $ 3,100.00 22,340.00 41,010.00 Work In Process, 6/1/20 Direct Materials Used $ Direct Labor $ Factory Overheads Indirect Materials Indirect Factory Labor $ Factory Utilities Depreciation, Factory Equipment & Maintenance, Factory Equipment Factory Manager's Salary Total Factory Overheads $ 4 4 4 4 4 4|4 2,820.00 5,440.00 480.00 1,500.00 1,840.00 3,640.00 15,720.00 Manufacturing Cost During the Month Total Manufacturing Cost Less: Work In Process, 6/30/20 Cost of Goods Manufactured $ $ $ $ 79,070.00 82,170.00 (4,760.00) 77,410.00

Preparation of Income Statement through Gross Profit for June 2020: CEPEDA CORPORATION Income Statement (Partial) For the Month Ended June 30, 2020 Sales Revenue $ 87,610.00 Cost of Goods Sold Finished Goods Inventory, June 1 5,900.00 Cost of Goods Manufactured $ 77,410.00 Cost of Goods Available for Sale $ 83,310.00 Less: Finished Goods Inventory, June 30 $ (7,690.00) Cost of Goods Sold $ 75,620.00 Gross Profit $ 11,990.00 $