Finished goods inventory, ending The following data is provided for Garcon Company and Pepper Company for the year ended December 31 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 14,500 Pepper Company $ 18,700 18,200 21,600 11,000 14,850 33,250 25,450 22,000 36,200 18,800 14,900 Work in process inventory, ending 27,700 21,200 Raw materials inventory, ending 6,700 10,000 Factory utilities 13,500 15,250 General and administrative expenses 23,000 59,000 Indirect labor 12,150 12,760 Repairs-Factory equipment 4,820 3,850 Raw materials purchases 37,500 62,000 Selling expenses 53,600 53,800 Sales Cash Accounts receivable, net 276,720 376,880 27,000 23,200 15,800 23,450

Finished goods inventory, ending The following data is provided for Garcon Company and Pepper Company for the year ended December 31 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Garcon Company $ 14,500 Pepper Company $ 18,700 18,200 21,600 11,000 14,850 33,250 25,450 22,000 36,200 18,800 14,900 Work in process inventory, ending 27,700 21,200 Raw materials inventory, ending 6,700 10,000 Factory utilities 13,500 15,250 General and administrative expenses 23,000 59,000 Indirect labor 12,150 12,760 Repairs-Factory equipment 4,820 3,850 Raw materials purchases 37,500 62,000 Selling expenses 53,600 53,800 Sales Cash Accounts receivable, net 276,720 376,880 27,000 23,200 15,800 23,450

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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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, 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 Garcon Company $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
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, beginning Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
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