Question

Grouper Corporation has the following cost records for June 2017. Indirect factory labor 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 $5,440 Factory utilities 22,340 Depreciation, factory equipment 3,100 Direct labor 4,760 Maintenance, factory equipment 5,900 Indirect materials 7,690 Factory manager's salary $480 1,500 41,010 1,840 2,820 3,640

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Answer 1

Ans.	GROUPER CORPORATION
	Income Statement
	For Year Ended June 30, 2017
	Particulars	Amount	Amount
	Sales		$87,610
	Less: Cost of goods sold:
	Cost of goods manufactured	$77,410
	Add: Beginning finished goods inventory	$5,900
	Cost of goods available for sale	$83,310
	Less: Ending finished goods inventory	-$7,690
	Cost of goods sold		$75,620
	Gross margin		$11,990
	*Calculations for Cost of goods Manufactured:
	SCHEDULE   OF   COST   OF   GOODS   MANUFACTURED & SOLD
	Particulars	Amount	Amount
	Direct materials used (A)		$22,340
	Direct labor (B)		$41,010
	Manufacturing overhead applied:
	Indirect factory labor	$5,440
	Factory utilities	$480
	Depreciation - Factory equipment	$1,500
	Maintenance - Factory equipment	$1,840
	Indirect materials	$2,820
	Factory manager's salary	$3,640
	Total manufacturing overhead ©		$15,720
	Total manufacturing costs (A+B+C)		$79,070
	Add: Beginning Work in process inventory		$3,100
	Less: Ending Work in process inventory		-$4,760
	Cost of goods manufactured		$77,410