Cha NikCus NikNik NikE RetS pitr* SerO OdeD Noezto.mheducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253Apters 14 0SavedrepperCompany$ 17,500Beginning finished goods inventoryBeginning work in process inventoryBeginning raw materials inventory (direct materials)Rental cost on factory equipmentDirect laborEnding finished goods inventoryEnding work in process inventoryEnding raw materials inventoryFactory utilitiesFactory supplies used (indirect materials)General and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesselling expensessalesCompany$ 14,40018,9007,40030,50021,80021,20024,4006, e0012,7508,20032, e002,4507,46037,e0052, 800229, 53023,55014,40025,75043,40016, 20022,0007,40012,7503, 50047, 0008,9203,65054, 50059, 200290, e1017, 200124,82519,700CashFactory equipment, netAccounts receivable, net23, eee267, 5ee16, 200Requlred:1. Prepare Income statements for both Garcon Company and Pepper Company2. Prepare the current assets section of the balance sheet for each company.Complete this question by entering your answers in the tabs below.Reg 1 Garcon Reg 1 Pepper Reg 2 Garcon Req 2 PepperPrepare the income statement for Pepper Company.PEPPER COMPANYIncome StatementFor Year Ended December 31, 2019Operating expensesIncome (loss) before tax< Req 1 GarconReq 2 Garcon >< Prevof 5ne here to search99+立 O Cha> Cus Nik-レ Nik ||O Od CV NikV NikE Ret9 pitr Seni ezto.mheducation.com/ext/map/index.html?_con3con&external_browser=D0&launchUrl=httpsms - Chapters 14 6reppercompany$ 17,50023,55014,40025,75043,40016, 20022,0007,40012,7503,50047, e008,9203,65054, 50059, 200Company$ 14,400Beginning finished goods inventoryBeginning work in process inventoryBeginning raw materials inventory (direct materials)Rental cost on factory equipmentDirect laborEnding finished goods inventoryEnding work in process inventoryEnding raw materials inventoryFactory utilitiesFactory supplies used (indirect materials)General and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSales18,9007,40030, see21,80021, 20024,4006, e0012,7508,20032,e002,4507,46037,e0052, see229, 53023, e00267, 5e016, 200of 20:34 25290,e10CashFactory equipment, netAccounts receivable, net17, 200124,82519,700BookRequlred:1. Prepare Income statements for both Garcon Company and Pepper Company.2. Prepare the current assets section of the balance sheet for each company.erencesComplete this question by entering your answers in the tabs below.Reg 1 Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 PepperPrepare the current asset section of the balance sheet for Pepper Company.PEPPER COMPANYPartial Balance SheetAs of December 31, 2019InventoriesTotal current assets< Req 2 Garcon

An income statement is a financial report that indicates the revenue and expenses of a business. It…

repper Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Company $ 14,400 18,900 7,400 30, 500 21,800 21,200 24,400 6,e00 12,750 8,200 32, e00 2,450 7,460 37, e00 52,se0 229, 530 23,e00 267, 500 16, 200 Company $ 17,500 23,550 14,400 25, 750 43,400 16, 200 22,000 7,400 12,750 3,500 47, e00 8,920 3,650 54, 500 59, 200 290,010 17, 200 124, 825 19,700 Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Required: Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Reg 1 Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 Pepper

repper Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Company $ 14,400 18,900 7,400 30, 500 21,800 21,200 24,400 6,e00 12,750 8,200 32, e00 2,450 7,460 37, e00 52,se0 229, 530 23,e00 267, 500 16, 200 Company $ 17,500 23,550 14,400 25, 750 43,400 16, 200 22,000 7,400 12,750 3,500 47, e00 8,920 3,650 54, 500 59, 200 290,010 17, 200 124, 825 19,700 Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Required: Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Reg 1 Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 Pepper

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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Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,233,000 900,000 79,900 222,200 40,300 31,100 24,700 106,000 13,600 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,650,800
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Predetermined Factory Overhead Rate Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $22 per hour. $1,054,900 770,000 39,700 110,400 20,000 15,400 21,100 90,700 11,600 $2,133,800 Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour