Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year endedDecember 31.Goods available for saleCost of goods soldGarconPepperCompany Company$0 $< Required 10P The following data is provided for Garcon Company and Pepper Company for the year ended December 31.GarconCompany$ 12,800Finished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, ending.Raw materials inventory, endingFactory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, net17,40010,50034,25025,00019, 70023,5007,10010, 20033,0009,9006, 14037,50051, 200282,00028,00016,400PepperCompany$ 18, 40023,70011, 40026, 20040, 60016, 50017, 2008,00014,75044,00013, 4802,05068,00059, 200371, 49017,70023,950

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Description: Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year endedDecember 31.Goods available for saleCost of goods soldGarconPepperCompany Company$0 $< Required 10P The following data is provided fo

Cost Of Goods Sold :— Cost Of Goods Sold is the Cost of Goods which is incurred on the Goods…

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Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Goods available for sale Cost of goods sold Garcon Pepper Company Company $ 0 $ < Required 1 0

Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Goods available for sale Cost of goods sold Garcon Pepper Company Company $ 0 $ < Required 1 0

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended
December 31.
Goods available for sale
Cost of goods sold
Garcon
Pepper
Company Company
$
0 $
< Required 1
0
P

The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
Garcon
Company
$ 12,800
Finished goods inventory, beginning
Work in process inventory, beginning
Raw materials inventory, beginning
Rental cost on factory equipment
Direct labor
Finished goods inventory, ending
Work in process inventory, ending.
Raw materials inventory, ending
Factory utilities
General and administrative expenses
Indirect labor
Repairs-Factory equipment
Raw materials purchases
Selling expenses
Sales
Cash
Accounts receivable, net
17,400
10,500
34,250
25,000
19, 700
23,500
7,100
10, 200
33,000
9,900
6, 140
37,500
51, 200
282,000
28,000
16,400
Pepper
Company
$ 18, 400
23,700
11, 400
26, 200
40, 600
16, 500
17, 200
8,000
14,750
44,000
13, 480
2,050
68,000
59, 200
371, 490
17,700
23,950

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