Question

Aikman Corporation has the following cost records for June 2020:

Indirect factory labour		$4,550		Factory utilities		$400
Direct materials used		25,700		Depreciation, factory equipment		1,450
Work in process (6/1/20)		3,150		Direct labour		30,400
Work in process (6/30/20)		3,100		Maintenance, factory equipment		1,850
Finished goods (6/1/20)		5,100		Indirect materials		2,200
Finished goods (6/30/20)		8,650		Factory manager’s salary		3,500

Prepare an income statement through gross profit for June 2020, assuming net sales are $90,600. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

AIKMAN CORPORATION Income Statement (Partial) choose the accounting period                                                                      June 30, 2020For the Month Ended June 30, 2020For the Year Ended June 30, 2020
select an income statement item                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30				$enter a dollar amount
select an opening section name                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30
select an income statement item                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30		$enter a dollar amount
select an income statement item                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30		enter a dollar amount
select an income statement item                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30		enter a total of the two previous amounts
select an income statement item                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30		enter a dollar amount
select a closing section name                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30				enter a total amount for this section
select a closing name for this part of the income statement                                                                      Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods Inventory, June 1Finished Goods Inventory, June 30Gross Profit / (Loss)Net SalesDepreciation, Factory EquipmentDirect LabourDirect Materials UsedFactory Manager’s SalaryFactory UtilitiesIndirect Factory LabourIndirect MaterialsMaintenance, Factory EquipmentManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsTotal Manufacturing OverheadWork in Process, June 1Work in Process, June 30				$enter a total amount for this part of the income statement

Answer 1

A B с D $ 3,150 1 Cost of Goods Manufactured Schedule 2 Work in process (6/1/20) 3 Direct Material Used $ 25,700 4 Direct labor $ 30,400 5 Manufacturing overhead: 6 Indirect factory labor $ 4,550 7 Factory utilities $ 400 8 Depreciation, factory equipment $ 1,450 9 Maintenance, factory equipment $ 1,850 10 Indirect materials $ 2,200 11 Factory manager's Salary $ 3,500 12 Total manufacturing overhead $ 13,950 13 Total Manufacturing Costs 14 Total cost of work in process 15 Less: Work in process (30/6/20) 16 Cost of Goods Manufactured 17 18 AIKMAN CORPORATION 19 Income Statement (Partial) 20 For the month ended June 30, 2020 21 Sales Revenue $ 90,600 22 Cost of Goods Sold 23 Finished Goods, June 1 $ 5,100 24 Cost of Goods Manufactured $ 70,100 25 Cost of Goods available for sale $ 75,200 26 Less: Finished Goods, June 30 $ 8,650 27 Cost of Goods Sold $ 66,550 28 Gross profit $ 24,050 $ 70,050 $ 73,200 $ 3,100 $ 70,100

B A с D 1 Cost of Goods Manufactured Schedule 2 Work in process (6/1/20) 3150 3 Direct Material Used 25700 4 Direct labor 30400 5 Manufacturing overhead: 6 Indirect factory labor 4550 7 Factory utilities 400 8 Depreciation, factory equipment 1450 9 Maintenance, factory equipment 1850 10 Indirect materials 2200 11 Factory manager's Salary 3500 12 Total manufacturing overhead =SUM(B6:311) 13 Total Manufacturing Costs =+C3+C4+C12 14 Total cost of work in process =+D2+D13 15 Less: Work in process (30/6/20) 3100 16 Cost of Goods Manufactured =+D14-D15 17 AIKMAN CORPORATION 19 Income Statement (Partial) 20 For the month ended June 30, 2020 21 Sales Revenue 90600 22 Cost of Goods Sold 23 Finished Goods, June 1 5100 24 Cost of Goods Manufactured =+D16 25 Cost of Goods available for sale =+B23+B24 26 Less: Finished Goods, June 30 8650 27 Cost of Goods Sold =+B25-B26 28 Gross profit =+C21-C27 18