Cepeda Corporation has the following cost records for June 2017. Indirect factory labor $5,230
Factory utilities $470
Direct materials used $21,540
Depreciation, factory equipment$1,760
Work in process, 6/1/17 $3,820
Direct labor $41,680
Work in process, 6/30/17 $3,930
Maintenance, factory equipment $1,860
Finished goods, 6/1/17 $5,210
Indirect materials $2,870
Finished goods, 6/30/17 $8,510
Factory manager's salary $3,550
Prepare a Cost of Goods manufactured schedule for June 2017.

Cepeda Corporation

Cost of Goods manufactured schedule for June 2017

Work in process, 6/1/17                    $3,820

Direct materials used                     $21,540

Direct labor                                     $41,680

Work in process, 6/30/17               ($3,930 )        $63,110

Factor Overheads:

Factory utilities                                  $470

Depreciation, factory equipment   $1,760

Maintenance, factory equipment  $1,860

Indirect materials                           $2,870

Indirect factory labor                   $5,230

Factory manager's salary           $3,550        $15,740

Total cost of manufactured goods              $78,850

Explanation:

The cost of goods manufactured is made up of the beginning work in process, direct materials cost, direct labor costs, and factory overheads minus the ending work in process.  It is this figure that decides the product cost per unit, which will be a consideration in deciding the selling price in some market situations.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know