Cepeda Corporation has the following cost records for June 2018:+Indirect factory labor$4,500Factory utilities$400Direct materials used20,000Depreciation, factory equipment 1,400Work in process, 6/1/183,000Direct labor40,000Work in process, 6/30/183,800Maintenance, factory equipment 1,800Finished goods, 6/1/185,000Indirect materials2,200Finished goods, 6/30/187,500Factory manager's salary3,000Instructionsa. 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.

Step 1: Introduction to Gross Profit:Gross profit is earned after meeting the direct costs…

Answered: Cepeda Corporation has the following…

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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