E19-12 Aikman Corporation has the following cost records for June 2012. Indirect
ID: 2350992 • Letter: E
Question
E19-12Aikman Corporation has the following cost records for June 2012.
Indirect factory labor $ 4,500 Factory utilities $ 400
Direct materials used 20,000 Depreciation, factory equipment 1,400
Work in process, 6/1/12 3,000 Direct labor 30,000
Work in process, 6/30/12 3,800 Maintenance, factory equipment 1,800
Finished goods, 6/1/12 5,000 Indirect materials 2,200
Finished goods, 6/30/12 7,500 Factory manager's salary 3,000
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Prepare a cost of goods manufactured schedule for June 2012. (List amounts from largest to smallest e.g. 10, 5, 3, 2.)
AIKMAN CORPORATION
Cost of Goods Manufactured Schedule
For the Month Ended June 30, 2012
$
$
Manufacturing overhead
$
Total manufacturing overhead
Total manufacturing costs
Total cost of work in process
Less:
Cost of goods manufactured
$
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Prepare an income statement through gross profit for June 2012 assuming net sales are $87,100.
AIKMAN CORPORATION
Income Statement (Partial)
For the Month Ended June 30, 2012
$
Cost of goods sold
$
Cost of goods available for sale
Cost of goods sold
Gross profit
$
Explanation / Answer
please post only one question per post Cost of Direct Labor = 30000 Cost of Direct materials = 20000 Manufacturing overhead Indirect factory labor : 4500 Manager salary : 3000 Indirect materials : 2200 Factory equipment : 1800 Depreciation : 1400 Factory utilities : 400 Total manufacturing overhead = 13300 Total manufacturing costs = 20000+30000+13300 = 63300 Work in process start of June = 3000 Total cost of work in process = 3000+63300 = 67300 less: Work in process end of June = 3800 Cost of goods manufactured = 67300-3800 = 63500
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