Question

CES Problem 14-04A a-c (Video) The following data were taken from the records of Coronado Company for the fiscal year ended June 30, 2020. zudy. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $51,600 45,500 99,100 22,300 29,600 28,100 145,750 26,660 35,400 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $5,200 17,900 31,100 9,450 557,100 5,000 65,300 9,710 2,200 99,000 39,400 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CORONADO COMPANY Cost of Goods Manufactured Schedule

Answer 1

Cost of Goods Manufactured Schedule
Work in Process, July 1, 2019		29600
Direct Materials
Raw materials Inventory, July 1, 2019	51,600
Raw Material purchases	99,000
Raw Materials available for use	150,600
Less: Raw materials Inventory, June 30,2020	45,500
Direct Materials used		105,100
Direct Labor		145,750
Manufacturing overhead
Plant managers salary	65300
Factory property taxes	9710
Factory repairs	2200
Indirect Labor	26,660
Factory Insurance	5200
Factory Machinery depreciation	17900
Factory utilities	31100
Total Manufacturing Costs		158,070
Total cost of work in process inventory		438,520
Less: Work in Process Inventory, June 30, 2020		28,100
Cost of Goods Manufactured		410,420

(Partial) Income Statement
For the year ended June 30,2020
Sales Revenue	557,100
Less:Sales Discounts	5000
Net Sales		552,100
Cost of goods sold
Finished goods Inventory, July 1,2019	99100
Cost of Goods Manufactured	410,420
Cost of goods available for sale	509,520
Finished goods Inventory, June 30,2020	22300
Cost of goods sold		487,220
Gross Profit		64,880

(Partial) Balance Sheet
As at June 30,2020
Current Assets
Cash		39400
Accounts Receivable		35400
Inventories
Raw Materials	45500
Work in process	28100
Finished Goods	22300	95900
Total current assets		170700

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