03 Oct cost of goods manufactured
E1-11 Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four different situations.
Direct Materials Used
(1) $117,000
Direct Labor Used
$140,000 200,000 100,000
(g)
Manufac- turing Overhead
$ 87,000 132,000
(e) 75,000
Total Manufac- turing
Costs
$ (a) 450,000 265,000 288,000
Work in Process
1/1
$33,000 (d)
60,000 45,000
Work in Process 12/31
$ (b) 40,000 80,000
(h)
Cost of Goods Manufac- tured
$360,000 470,000
(f) 270,000
(2) (3) (4)
(c) 80,000 70,000
Instructions
(a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for situation (1) for the
year ended December 31, 2017.
E1-12 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
Instructions
$ 4,500 20,000 3,000 3,800 5,000 7,500
Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager’s salary
$ 400 1,400 40,000 1,800 2,200 3,000
(a) Prepare a cost of goods manufactured schedule for June 2017. (b) Prepare an income statement through gross profit for June 2017 assuming sales revenue
is $92,100.
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