Question

Waterway Corporation has the following cost records for June 2020. Indirect factory labor $4,760 Factory utilities...

Waterway Corporation has the following cost records for June 2020.
Indirect factory labor $4,760 Factory utilities $470
Direct materials used 22,680 Depreciation, factory equipment 1,540
Work in process, 6/1/20 3,540 Direct labor 42,930
Work in process, 6/30/20 4,880 Maintenance, factory equipment 1,850
Finished goods, 6/1/20 5,940 Indirect materials 2,820
Finished goods, 6/30/20 7,940 Factory manager’s salary 3,120
Prepare a cost of goods manufactured schedule for June 2020.
WATERWAY CORPORATION
Cost of Goods Manufactured Schedule

For the Month Ended June 30, 2020For the Year Ended June 30, 2020June 30, 2020

$
$
$
$
Prepare an income statement through gross profit for June 2020 assuming sales revenue is $89,220.
WATERWAY CORPORATION
Income Statement (Partial)

For the Year Ended June 30, 2020For the Month Ended June 30, 2020June 30, 2020

$
$
$
0 0
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Answer #1
Waterway corporation
Opening WIP 3,540
DM use 22,680
D. labour 42930
Mfg. OH
Indirect labor 4,760
Factory utilities 470
Maintenance, FE 1,850
Dep.exp. - FE 1,540
Indirect materials 2,820
Fcatory manager's salary 3,120
Total Mfg. OH 14,560
Total Mfg. cost 80,170
Total cost of WIP 83,710
Less :- Cl. WIP 4,880
Cost of goods Manufactured 78,830
Schedule of Cost of goods sold
Opening Finished Goods 5940
Add:- cost of goods manufactured 78,830
Total 84770
Less:- closing FG 7940
COGS 76830
Income statement
Sales 89220
Less:- COGS 76830
GP 12390
No info. Is given about selling and administrative exp.
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