Required information[The following information applies to the questions displayed below.]The following data is provided for Garcon Company and Pepper Company for the year ended December 31.Finished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborGarconCompany$ 14,10018,100PepperCompany$ 16,45020,1007,60010,50031,75025,60019,00037,000Finished goods inventory, ending21,20013,300Work in process inventory, ending26,80018,200Raw materials inventory, ending7,00010,000Factory utilities14,40016,250General and administrative expenses33,00054,500Indirect labor15,05014,140Repairs-Factory equipment6,5002,400Raw materials purchases46,50068,000Selling expenses59,20051,700Sales270,150389,380Cash31,00021,700Accounts receivable, net13,40023,2001. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year endeDecember 31.2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year endedDecember 31.Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1Required 2Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year endedDecember 31.GarconCompanyPepperCompanyDirect materialsRaw materials inventory, beginning7,600Add: Raw materials purchases46,50068,000Raw materials available for use54,10068,000Less: Raw materials inventory, ending7,00010,000 (Direct materials used47,10058,000Direct labor19,00037,000Factory overheadFactory utilities14,40016,250Rental cost on factory equipment31,75025,600Repairs Factory equipment6,5002,400Indirect labor15,05014,140 (Total factory overheadTotal manufacturing costs67,70058,390133,800133,800Add: Work in process inventory, beginning18,10020,100Total cost of work in process151,900153,900Less: Work in process inventory, ending26,80018,200Cost of goods manufactured$125,100$135,700

The Schedule of Cost of Goods Manufactured is used to compute the cost of producing goods for a…

Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 14,100 18,100 Pepper Company $ 16,450 20,100 7,600 10,500 31,750 25,600 19,000 37,000 Finished goods inventory, ending 21,200 13,300 Work in process inventory, ending 26,800 18,200 Raw materials inventory, ending Factory utilities 7,000 10,000 14,400 16,250

Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 14,100 18,100 Pepper Company $ 16,450 20,100 7,600 10,500 31,750 25,600 19,000 37,000 Finished goods inventory, ending 21,200 13,300 Work in process inventory, ending 26,800 18,200 Raw materials inventory, ending Factory utilities 7,000 10,000 14,400 16,250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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