Question

Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,540 Factory utilities $420 Direct materials used 22,490 Depreciation, factory equipment 1,760 41,640 Work in process, 6/1/20 Work in process, 6/30/20 3,340 4,470 Direct labor Maintenance, factory equipment 1,890 5,620 Indirect materials 2,530 Finished goods, 6/1/20 Finished goods, 6/30/20 8,410 Factory manager's salary 3,300

Answer 1

$ 87,990 CEPEDA CORPORATION Income Statement (Partial) For the Month Ended June 30,2020 Sales Revenue Cost of Goods Sold Finished Goods Inventory. 6/1/20 $ 5,620 Add: Cost of Goods Manufactured $ 78,440 Cost of Goods available for sale $ 84,060 Less: Finished Goods Inventory, 6/30/20 $ 8,410 Cost of Goods Sold Gross Margin $ 75,650 $ 12,340

$ 22,490 $ 41,640 Working Notes: CEPEDA CORPORATION Statement of Cost of Goods Manufactured For the Month Ended June 30.2020 Direct Materials Used Direct Labor Factory Overhead: Indirect factory labor $ 5,540 Factory utilities $ 420 Depreciation, factory equipment $ 1,760 Maintenance, factory equipment $ 1.890 Indirect materials $ 2,530 Factory manger's salary $ 3,300 Total Factory overhead Total Manufacturing costs incured during the year Add: Work in Process, 6/1/20 Total Manufacturing costs Less: Work in Process, 6/30/20 Cost of Goods Manufactured $ 15,440 $ 79,570 $ 3,340 $ 82,910 $ 4,470 $ 78,440