Cepeda Corporation has the following cost records for June 2017. Indirect factory labor $5,420 Factory utilities $410 Direct materials used 22,300 Depreciation, factory equipment 1,560 Work in process, 6/1/17 3,620 Direct labor 42,630 Work in process, 6/30/17 4,630 Maintenance, factory equipment 1,990 Finished goods, 6/1/17 5,310 Indirect materials 2,120 Finished goods, 6/30/17 8,420 Factory manager's salary 3,150

Cepeda Corporation has the following cost records for June 2017. Indirect factory labor $5,420 Factory utilities $410 Direct materials used 22,300 Depreciation, factory equipment 1,560 Work in process, 6/1/17 3,620 Direct labor 42,630 Work in process, 6/30/17 4,630 Maintenance, factory equipment 1,990 Finished goods, 6/1/17 5,310 Indirect materials 2,120 Finished goods, 6/30/17 8,420 Factory manager's salary 3,150

Name: Prepare an income statement through gross profit for June 2017 assumi
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Description: Prepare an income statement through gross profit for June 2017 assuming sales revenue is $89,480.CEPEDA CORPORATIONIncome Statement (Partial)2$$4 Cepeda Corporation has the following cost records for June 2017.Indirect factory labor$5,420Factory uti

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
Monty Corporation has the following cost records for June 2022. Indirect factory labor $4,500 Factory utilities $390 Direct materials used 19,600 Depreciation, factory equipment 1,370 Work in process, 6/1/22 2,940 Direct labor 39,200 Work in process, 6/30/22 3,720 Maintenance, factory equipment 1,760 Finished goods, 6/1/22 Finished goods, 6/30/22 4,900 Indirect materials 2,250 7,350 Factory manager's salary 2,940 (a) Prepare a cost of goods manufactured schedule for June 2022. MONTY CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 > > > $ $ $ $
Selected data for Lemon Grass Company for 2015 is provided below: Factory Utilities $ 1,500 Indirect Materials Used 37,500 Direct Materials Used 300,000 Property Taxes on Factory Building 6,900 Sales Commissions 85,000 Indirect Labor Incurred 25,000 Direct Labor Incurred 150,000 Depreciation on Factory Equipment 6,500 What is the total factory overhead? A) $450,000 B) $612,000 C) $77,400 D) $62,400
Cepeda Corporation has the following cost records for June 2018: + Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/18 3,000 Direct labor 40,000 Work in process, 6/30/18 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/18 5,000 Indirect materials 2,200 Finished goods, 6/30/18 7,500 Factory manager's salary 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2018. b. Prepare an income statement through gross profit for June 2018 assuming sales revenue is $92,100.
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Preston Manufacturing uses a normal cost system and had the following actual data available for 2015:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000 1) The beginning balance of direct materials inventory must be? 2) The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be?
Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, Dec. 31, 2016 Work in process, Dec. 31, 2017 Direct materials Direct labor Factory overhead costs Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Total manufacturing costs Total cost of work in process $ 190,000 66,000 Cost of goods manufactured 30,800 160,600 146,500 $ 190,000 66,000 30,800 286,800 286,800 $ 286,800
29. Tippy Cup Co. also incurred $10,550 for factory overhead and 250 hours of direct labor at $10.30 per hour. Using the cost of direct materials used calculated in Exercise 28, determine the total manufacturing costs incurred for the year. 30. As of January 1, 2018, Tippy Cup Co.'s work in process inventory had a beginning balance of $98,750. The ending balance of work in process inventory totaled $92,350. Using the information calculated in Exercise 29, calculate the cost of goods manufactured for the year.
3. Muscat Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2017 for the company: Company Direct materials OMR 60,000 Direct labor OMR 25,000 Manufacturing overhead costs OMR 72,000 Machine hours 90,000 During 2017, the actual machine-hours totaled 95,000, and actual overhead costs were OMR 71,000. (a) Compute the predetermined overhead rate. (b) Compute the manufacturing overhead applied. (c) How much overhead is over or underapplied for the year for the company? State amount and whether it is over- or underapplied.
Cepeda Corporation has the following cost records for June 2018: + Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/18 3,000 Direct labor 40,000 Work in process, 6/30/18 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/18 5,000 Indirect materials 2,200 Finished goods, 6/30/18 7,500 Factory manager's salary 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2018. b. Prepare an income statement through gross profit for June 2018 assuming sales revenue is $92,100.
E1-12 Cepeda Corporation has the following cost records for June 2014. $ 4,500 20,000 3,000 3,800 5,000 7,500 Prepan Indirect factory labor Direct materials used Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials $ 400 1,400 40,000 (LO S 1,800 2,200 3,000 manu a para Work in process, 6/1/14 Work in process, 6/30/14 Finished goods, 6/1/14 Finished goods, 6/30/14 XLS Factory manager's salary Instructions (a) Prepare a cost of goods manufactured schedule for June 2014. (b) Prepare an income statement through gross profit for June 2014 assuming sales rev- enue is $92,100. Markr Constulting, a political consulting firm, die Cla
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the cost of direct materials used in 2014?a. P2,600,000b. P2,500,000c. P1,800,000d. P3,600,000