### 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.| Description | Garcon Company | Pepper Company || ---------------------------------- | -------------- | -------------- || Finished goods inventory, beginning| $13,200 | $16,900 || Work in process inventory, beginning| 17,900 | 21,150 || Raw materials inventory, beginning | 8,600 | 11,250 || Rental cost on factory equipment | 33,750 | 26,650 || Direct labor | 23,200 | 39,400 || Finished goods inventory, ending | 21,350 | 16,900 || Work in process inventory, ending | 28,000 | 17,600 || Raw materials inventory, ending | 7,900 | 7,400 || Factory utilities | 9,150 | 14,250 || General and administrative expenses| 23,500 | 44,000 || Indirect labor | 14,000 | 14,920 || Repairs—Factory equipment | 4,940 | 3,600 || Raw materials purchases | 42,500 | 60,000 || Selling expenses | 56,400 | 55,300 || Sales | 297,270 | 395,040 || Cash | 25,000 | 23,200 || Accounts receivable, net | 16,000 | 24,700 |---**Tasks:**1. Compute the total prime costs for both Garcon Company and Pepper Company.2. Compute the total conversion costs for both Garcon Company and Pepper Company.### Instructions:Complete this question by entering your answers in the tabs below.#### Required 1**Compute the total prime costs for both Garcon Company and Pepper Company.****Prime Costs Calculation Table:**| Description | Garcon Company | Pepper Company || ----------------- | -------------- | -------------- || (Detail calculations for prime costs go here) | | || | | || | ### Cost Computation Exercise#### Objectives:1. Compute the total prime costs for both Garcon Company and Pepper Company.2. Compute the total conversion costs for both Garcon Company and Pepper Company.#### Instructions:Complete this exercise by entering your answers in the tabs below.#### Required Tasks:**Required 1** | **Required 2****Tab 2:** Compute the total conversion costs for both Garcon Company and Pepper Company.#### Input Table:| | Garcon Company | Pepper Company ||------------------------|-------------------|-------------------|| | | || | | || | | || Total conversion costs | | |**Navigate to Required 1** to address the first task.### Graph/Diagram Explanation:The table provided is designed to input the computation fields for Garcon Company and Pepper Company. The columns each represent one of the companies. The rows are for entering specific cost components to calculate the conversion costs. There are blank rows provided for detailed cost entries leading to the final total conversion costs at the bottom.In the interactive part of the exercise, users are expected to fill in this table with the appropriate cost amounts based on their calculations.#### Navigation Instructions:Use the “Required 1” and “Required 2” tabs to toggle between the tasks. The "Required 2" tab focuses specifically on computing the total conversion costs for both companies. After you finish with "Required 1", click the blue button on the left to proceed to "Required 2".

1. Prime Cost -Prime cost are those cost which directly related to generate the product. It includes…

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 $ 13,200 17,900 8,600 33,750 23,200 21,350 28,000 7,900 9,150 23,500 14,000 4,940 42,500 56,400 297,270 25,000 16,000 Pepper Company $ 16,900 21,150 11,250 26,650 39,400 16,900 17,600 7,400 14,250 44,000 14,920 3,600 60,000 55,300 395,040 23,200 24,700 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion costs for both Garcon Company and Pepper Company.

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 $ 13,200 17,900 8,600 33,750 23,200 21,350 28,000 7,900 9,150 23,500 14,000 4,940 42,500 56,400 297,270 25,000 16,000 Pepper Company $ 16,900 21,150 11,250 26,650 39,400 16,900 17,600 7,400 14,250 44,000 14,920 3,600 60,000 55,300 395,040 23,200 24,700 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion costs for both Garcon Company and Pepper Company.

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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