Cimas Corporation has the following cost records for June 2017. ndirect factory

Question

Cimas Corporation has the following cost records for June 2017. ndirect factory labor Direct materials used Work in process, 6/1/17 Work in process, 6/30/17 Finished goods, 6/1/17 Finished goods, 6/30/17 S 6,000 Factory utlites S 1,000 1,200 28,000 2.200 2,500 4,300 23,000 Depreciaton, factory equipment 4,500 Direct labor 2,000 Maintenance, factbry equipment 5,500 Indirect materials Instructions: (a) Prepare a cost of goods manufactured schedule for June 2017. Note: Write clearly and use proper labels [do not abbreviatel. To earn full credit, you must write down the appropriate levels for each shown amount.

Explanation / Answer

Statement of cost of goods manufactured $ $ Direct Material used             23,000 Direct Labor             28,000 Prime cost ( A )                51,000 Manufacturing overhead costs; Indirect factory labor               6,000 Indirect materials               2,500 Factory utilities               1,000 Depreciation, factory equipment               1,200 Maintenance, factory equipment               2,200 Factory manager's salary               4,300 Total overhead costs ( B )                17,200 Total Manufacturing cost incurred during the month (C ) = ( A ) + (B)                68,200 Add: Beginning work in process               4,500 Less: Ending work in process              (2,000) Cost of goods manufactured                70,700 Add: Beginning Finished goods               5,500 Less: Ending Finished goods              (9,000) Cost of goods sold                67,200

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