Question

E14.12 (LO 3) Cepeda Corporation has the following cost records for June 2020. Prepare a cost of goods manufactured schedule and a partial income statement Excel 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 $ 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 $ 400 1,400 40,000 1,800 2,200 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2020.

Answer 1

Answer - (a)

CEPEDA CORPORATION

Cost of Goods Manufactured Schedule

For the Month Ended June 30, 2020

	Calculation	Amount ($)	Amount ($)	Amount ($)
Work in Process, 6/1/20	Given in question	-	-	3000
Direct Materials used	Given in question	-	20000	-
Direct Labor	Given in question	-	40000	-
Manufacturing Overhead:	-	-	-	-
Indirect Factory Labor	Given in question	4500	-	-
Factory Utilities	Given in question	400	-	-
Depreciation, Factory Equipment	Given in question	1400	-	-
Maintenance, Factory Equipment	Given in question	1800	-	-
Indirect Materials	Given in question	2200	-	-
Factory manager's salary	Given in question	3000	-	-
Total Manufacturing Overhead	$4500+$400+$1400+$1800+$2200+$3000	-	13300	-
Total Manufacturing Cost	$20000 + $40000 + $13300	-	-	73300
Total Cost of WIP	$3000 + $73300	-	-	76300
Less: Work in Process, 6/30/20	Given in question	-	-	3800
Cost of Goods Manufactured	$76300 - $3800			72500