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Exercise 19-12 a-b Sheridan Corporation has the following cost records for June 2020. Indirect factory labor...

Exercise 19-12 a-b

Sheridan Corporation has the following cost records for June 2020.
Indirect factory labor $5,040 Factory utilities $490
Direct materials used 21,100 Depreciation, factory equipment 1,600
Work in process, 6/1/20 3,920 Direct labor 42,130
Work in process, 6/30/20 4,680 Maintenance, factory equipment 1,980
Finished goods, 6/1/20 5,100 Indirect materials 2,190
Finished goods, 6/30/20 7,990 Factory manager’s salary 3,890

Prepare a cost of goods manufactured schedule for June 2020.

Prepare an income statement through gross profit for June 2020 assuming sales revenue is $89,730.

Solutions

Expert Solution

Schedule of Cost of Goods Manufactured
Direct material used 21,100
Direct labor 42,130
Manufacturing Overheads:
Depreciation - Factory equipment 1,600
Utilities - Factory 490
Indirect labor 5,040
Maintenance, factory equipment 1,980
Indirect materials 2,190
Factory manager’s salary 3,890
Total Manufacturing Cost 78,420
Work in process, 6/1/20 3,920
Work in process, 6/30/20 -4,680
Cost of goods manufactured $77,660
Income Statement
Revenues
Sales revenue 89,730
Cost of goods sold:
Finished goods, 6/1/20 5,100
Cost of goods manufactured 77,660
Cost of goods available for sale 82,760
Finished goods, 6/30/20 -7,990
Cost of goods sold -74,770
Gross profit $14,960

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