Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials...
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Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used Work in process, 6/1/20 Work in process, 6/30/20 Finished goods, 6/1/20 Finished goods, 6/30/20 $5,160 21,270 3,680 4,840 5,460 7,860 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary $470 1,720 42,930 1,860 2,310 3,210 Prepare an income statement through gross profit for June 2020 assuming sales revenue is $88,900. CEPEDA CORPORATION Income Statement (Partial) For the Month Ended June 30, 2020 V Sales Revenue $ 82610 Cost of Goods Sold Finished Goods Inventory, June 1 $ 5460 Cost of Goods Manufactured 77770 i Cost of Goods Available for Sale 83230 i Less : Finished Goods Inventory, June 30 7860 Cost of Goods Sold 75370 i Gross Profit $ 157980
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