he following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 13,000 $ 16,600 Work in process inventory, beginning 18,500 23,400 Raw materials inventory, beginning 11,600 9,750 Rental cost on factory equipment 32,000 26,350 Direct labor 22,000 44,600 Finished goods inventory, ending 20,900 15,500 Work in process inventory, ending 24,700 16,600 Raw materials inventory, ending 6,400 7,400 Factory utilities 10,050 13,000 General and administrative expenses 34,500 55,000 Indirect labor 13,900 14,480 Repairs—Factory equipment 7,100 1,950 Raw materials purchases 46,000 58,000 Selling expenses 52,000 59,500 Sales 290,490 380,970 Cash 21,000 16,200 Accounts receivable, net 13,600 21,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31.
he following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 13,000 $ 16,600 Work in process inventory, beginning 18,500 23,400 Raw materials inventory, beginning 11,600 9,750 Rental cost on factory equipment 32,000 26,350 Direct labor 22,000 44,600 Finished goods inventory, ending 20,900 15,500 Work in process inventory, ending 24,700 16,600 Raw materials inventory, ending 6,400 7,400 Factory utilities 10,050 13,000 General and administrative expenses 34,500 55,000 Indirect labor 13,900 14,480 Repairs—Factory equipment 7,100 1,950 Raw materials purchases 46,000 58,000 Selling expenses 52,000 59,500 Sales 290,490 380,970 Cash 21,000 16,200 Accounts receivable, net 13,600 21,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
| Garcon Company | Pepper Company | |
|---|---|---|
| Finished goods inventory, beginning | $ 13,000 | $ 16,600 |
| Work in process inventory, beginning | 18,500 | 23,400 |
| Raw materials inventory, beginning | 11,600 | 9,750 |
| Rental cost on factory equipment | 32,000 | 26,350 |
| Direct labor | 22,000 | 44,600 |
| Finished goods inventory, ending | 20,900 | 15,500 |
| Work in process inventory, ending | 24,700 | 16,600 |
| Raw materials inventory, ending | 6,400 | 7,400 |
| Factory utilities | 10,050 | 13,000 |
| General and administrative expenses | 34,500 | 55,000 |
| Indirect labor | 13,900 | 14,480 |
| Repairs—Factory equipment | 7,100 | 1,950 |
| Raw materials purchases | 46,000 | 58,000 |
| Selling expenses | 52,000 | 59,500 |
| Sales | 290,490 | 380,970 |
| Cash | 21,000 | 16,200 |
| 13,600 | 21,450 |
1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.
2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31.
Transcribed Image Text:1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended
December 31.
2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended
December 31.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
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
Company
Pepper
Company
0 $
< Required 1
0
Required 2 >
Transcribed Image Text:!
Required information
Required 1 Required 2
Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended
December 31.
Direct materials
Raw materials available for use
Direct materials used
Factory overhead
Total factory overhead
Total manufacturing costs
Total cost of work in process
Cost of goods manufactured
Garcon
Company
$
0
0
0
0
0 $
Pepper
Company
0
0
0
0
0
Expert Solution
Step 1 Introduction
The cost of goods sold includes the cost of goods that are sold during the period. The cost of goods manufactured includes the cost of goods that are finished during the period. The beginning finished goods inventory is added to the cost of goods manufactured to get the cost of goods available for sale.
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