Exercise 15-12 Cepeda Corporation has the following cost records for June 2017. Indirect factory labor $5,040...

Exercise 15-12 Cepeda Corporation has the following cost records for June 2017. Indirect factory labor $5,040 Factory utilities $490 Direct materials used 21,100 Depreciation, factory equipment 1,600 Work in process, 6/1/17 3,920 Direct labor 42,130 Work in process, 6/30/17 4,680 Maintenance, factory equipment 1,980 Finished goods, 6/1/17 5,100 Indirect materials 2,190 Finished goods, 6/30/17 7,990 Factory manager’s salary 3,890 a,Prepare a cost of goods manufactured schedule for June 2017. b,Prepare an income statement through gross profit for June 2017 assuming sales revenue is $89,730.

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ekkarill92 answered 1 year ago

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...

1. Sheffield Corporation has the following cost records for June 2022. Indirect factory labor $5,200 Factory...

1. Sheffield Corporation has the following cost records for June 2022. Indirect factory labor $5,200 Factory utilities $460 Direct materials used 22,400 Depreciation, factory equipment 1,580 Work in process, 6/1/22 3,360 Direct labor 44,800 Work in process, 6/30/22 4,280 Maintenance, factory equipment 2,040 Finished goods, 6/1/22 5,600 Indirect materials 2,600 Finished goods, 6/30/22 8,400 Factory manager’s salary 3,360 (a) Prepare a cost of goods manufactured schedule for June 2022. 2. Blue Company specializes in manufacturing a unique model of bicycle...

Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,520 Factory utilities...

Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,520 Factory utilities $420 Direct materials used 21,800 Depreciation, factory equipment 1,730 Work in process, 6/1/20 4,000 Direct labor 42,630 Work in process, 6/30/20 4,400 Maintenance, factory equipment 1,870 Finished goods, 6/1/20 5,560 Indirect materials 2,930 Finished goods, 6/30/20 8,580 Factory manager’s salary 3,510 Collapse question part (a) Prepare a cost of goods manufactured schedule for June 2020.

Aikman Corporation has the following cost records for June 2020: Indirect factory labour $ 4,500 Direct...

Aikman Corporation has the following cost records for June 2020: Indirect factory labour $ 4,500 Direct materials used 25,000 Work in process (6/1/16) 3,000 Work in process (6/30/16) 2,800 Finished goods (6/1/16) 5,000 Finished goods (6/30/16) 9,500 Factory utilities $ 400 Depreciation, factory equipment 1,400 Direct labour 30,000 Maintenance, factory equipment 1,800 Indirect materials 2,200 Factory manager's salary 3,000 Instructions (a) Prepare a cost of goods manufactured schedule for June 2020 (b) Prepare an income statement through gross profit for...

Question1: Muscat Corporation has the following cost records for January 2019. Indirect factory labor OMR 14,300...

Question1: Muscat Corporation has the following cost records for January 2019. Indirect factory labor OMR 14,300 Factory utilities OMR 10,100 Raw materials purchases 152,500 Factory repairs 12,600 Raw materials inventory 1/1/2019 16,700 Depreciation, factory equipment 9,440 Raw materials inventory, 1/31/19 22,800 Direct labor 175,600 Work in process, 1/1/2019 18,400 Factory insurance 8,360 Work in process, 1/31/19 25,200 Advertising costs 5,000 Finished goods, 1/1/19 5,000 Sales commissions 3,500 Finished goods, 1/31/19 7,500 Cost of shipping 2,500 Instructions: Prepare a cost of...

Krispin Corporation had the following factory overhead costs during June 2020: Indirect materials $48,000 Indirect labor...

Krispin Corporation had the following factory overhead costs during June 2020: Indirect materials $48,000 Indirect labor 75,000 Factory depreciation 32,000 Factory utilities 21,000 Factory insurance 14,000 Factory property taxes 12,000 During June, a total of 40,000 machine hours were used. INSTRUCTIONS A. Compute the actual overhead rate for June. B. Give the general journal entry to record the actual overhead costs for June (assume the utiities, insurance, and property taxes are paid in cash). (general journal) C. Based on your...

Prepare a journal entry to record the following for September:Direct labor (factory)80,000$ Indirect labor (factory)10,000Sales commission6,000Sales...

Prepare a journal entry to record the following for September:Direct labor (factory)80,000$ Indirect labor (factory)10,000Sales commission6,000Sales & Administrative Salaries50,000Medical insurance premiums (60% Factory, 40% S&A)3,000Medical insurance is paid 100% by the employer.All employees contribute 2% of their compensation) to a 401(k) plan. The employer matches the 2% 401(k) contribution.The company considers all employer payroll taxes and all employee benefitsfor factory workers to be product costs. For this problem, assume the following tax rates:EmployeeEmployerFederal income tax15.0%FICA 7.65%7.65%SUTA3.5%Ignore any other payroll taxes;...

the following actual overhead costs for the month of June. Indirect materials $20,000 Indirect labor $18,000...

the following actual overhead costs for the month of June. Indirect materials $20,000 Indirect labor $18,000 Rent $ 3,000 Equipment depreciation $ 6,500 Overhead is applied based on a predetermined rate of $12 per machine hour, and 5,100 machine hours were used during June. Required: a. Prepare a journal entry to record actual overhead costs for June. Assume that labor costs will be paid next month and that rent was prepaid. b. Prepare a journal entry to record manufacturing overhead...

Clausen Company internal records of its factory with 2 operating departments. The cost driver for indirect...

Clausen Company internal records of its factory with 2 operating departments. The cost driver for indirect labor is direct labor house, and the cost driver for the remaining items is number of hours of machine use. Compute the total amount of indirect labor allocated to Department 1 using activity based costing. (Please show the formula and how you got the answer) DL HOURS MACHINE HOURS Department 1 894 12,000 Department 2 2086 8,000 Totals 2980 20,000 Factory Overhead costs Rent...

Journalize the following transaction: Factory wages allocated: direct labor, $82,160; indirect labor $15,620 Debit for $...

Journalize the following transaction: Factory wages allocated: direct labor, $82,160; indirect labor $15,620 Debit for $ Debit for $ Credit for $

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