Hello. This is the 3rd time I have posted this problem. The first two times, the

Question

Hello. This is the 3rd time I have posted this problem. The first two times, the answers were wrong. I know this because the answers provided gave a different answer to th parts that are correct in green borders.

Can someone please help me.

THANK you!

Cepeda Corporation has the following cost records for June 2017. Indirect 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 $5,540 22,490 3,340 4,470 5,620 8,410 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary $420 1,760 41,640 1,890 2,530 3,300 Prepare an income statement through gross profit for June 2017 assuming sales revenue is $87.990. CEPEDA CORPORATION Income Statement (Partial) For the Month Ended June 30, 2017 Sales Revenue 87990 Cost of Goods Sold Finished Goods, June 1 5620 Cost of Goods Manufactured 79570 Cost of Goods Available for Sale Less Finished Goods, June 30 85190 8,410 76780 Gross Profit 164770

Explanation / Answer

INCOME STATEMENT Sales revenue 87990 Less: Cost of goods sold Beginning Finished Goods 5620 Cost of Goods manufactured 78440 Cost of goods available 84060 Less: Ending Finished Goods 8410 Cost of goods sold 75650 Gross Profit 12340 Note: Cost of Goods manufactured: Direct material used 22490 Direct labour cost 41640 Overheads incurred: Indirect labour 5540 factory utilities 420 Depreciation 1760 maintenance 1890 Indirect Material 2530 factory Manager salaries 3300 Total manufacturing cost 79570 Add: Beginning WIP 3340 Less: Ending WIP 4470 Cost of Goods manufactured: 78440

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