E1-12 Cepeda Corporation has the following cost records for June 2014.$ 4,50020,0003,0003,8005,0007,500PrepanIndirect factory laborDirect materials usedFactory utilitiesDepreciation, factory equipmentDirect laborMaintenance, factory equipmentIndirect materials$ 4001,40040,000 (LO S1,8002,2003,000manua paraWork in process, 6/1/14Work in process, 6/30/14Finished goods, 6/1/14Finished goods, 6/30/14XLSFactory manager's salaryInstructions(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,dieCla

Cost of goods manufactured = Beginning WIP + Total Manufacturing Costs - Ending WIP Cost of goods…

E1-12 Cepeda Corporation has the following cost records for June 2014. Indirect factory labor Direct materials used Work in process, 6/1/14 Work in process, 6/30/14 Finished goods, 6/1/14 Finished goods, 6/30/14 $ 4,500 20,000 3,000 3,800 5,000 7,500 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials %24 1,400 40,000 1,800 2,200 3,000 400 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-

E1-12 Cepeda Corporation has the following cost records for June 2014. Indirect factory labor Direct materials used Work in process, 6/1/14 Work in process, 6/30/14 Finished goods, 6/1/14 Finished goods, 6/30/14 $ 4,500 20,000 3,000 3,800 5,000 7,500 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials %24 1,400 40,000 1,800 2,200 3,000 400 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-

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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The following manufacturing costs data are available for Division 911; Work in process, January 1, 2018: Job No. Factory Ouerhead Total P145,000 Materials Labor 156 P35,000 PG0,000 P44,000 Costa for 2018 Incurred by Jobe Total P16,000 158.000 42.000 10.000 Materials Labor Other 156 157 158 159 P- P2,000 52,000 24,000 8,000 P14,000 106,000 18,000 2.000 Not Incurred by Joba Indirect materials and sagddns Employee beneits Depreciation Supervision 30,000 30,000 106,000 46,000 24.000 40,000 Indirect labor 106,000 46,000 24,000 40,000 Factory overhead for 2018: Budgeted Manufacturing Overhead: Variable - Indirect materials and supplies Indirect labor Employee benefits Depreciation Supervision P 32,000 112,000 48,000 24,000 40,000 Fixed Total P256,000 Budgeted Direct Labor Costs P160,000 Manufacturing Overhead rate per direct labor cost (P256,000/P160,000) 160% Compute the actual manufacturing overhead. Compute the applied manufacturing overhead. Compute the net overhead variance (indicate…
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 > > > $ $ $ $
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.
Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured? a. $1,211,700 b. $729,200 c. $1,440,900
Domestic
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
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 8. Cost of Goods Manufactured wasa. P636.b. P716.c. P736.d. P766.
Problem 1-7. Jansport Manufacturing Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 Inventory, Jan 1 450,000
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.
The following information relates to NBV for the year ended 31 July 20X3. $'000 Direct materials 160 Direct labour 200 Prime cost 360 Carriage outwards 880 Depreciation of delivery vehicles 30 Factory indirect overheads 450 Increase in work-in-progress inventory 75 Decrease in inventory of finished goods 55 What should be the factory cost of goods completed for the year ended 31 July 20X3? ...............................
D3. Account