Question

*Exercise 10-12 (Part Level Submission) Cepeda Corporation has the following cost records for June 2017 3 40,000 Indirect factory abor 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 4.500 20.000 .000 3,800 5.000 7.500 Factory i s Depreciation factory equipment Direct labor Maintenance factory equipment Indirect materials Factory manager's salary 1.800 2.000 *(a) Your answer is correct. Prepare a cost of goods manufactured schedule for June 2017. CEPEDA CURELIIKIN For the fede 30, 2015 preciation Factory foment tenance Factory Equipment direct Materials Extory Manager's Salary direct Labor Tots Manufacturing Overhead Tots Manufacturing Costs Total Cost of work in Process Te Work in Process cost of Manufactured 02.300 22.500 Attempts of used *(b) Prepare an income statement through gross profit for June 2017 assuming sales revenue is $92,100. CEPEDA CORPORATION Income Statement (Partial)

Answer 1

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