### 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.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter27: Manufacturing Accounting: The Work Sheet And Financial Statements

Section: Chapter Questions

Problem 7SPA: FINANCIAL STATEMENTS The Income Statement and Balance Sheet columns of Braiden Companys work sheet...

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< CDOOR a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 230 $8 $1,840 27 160 $10 May 4 104 260 33 110 12 117 150 b. Determine the materials inventory balance at the end of May. A May 10 May 21 May 27 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing causes idle time. as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
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Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
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Required Information [The following information applies to the questions displayed below.] The following calendar year-end Information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. $ 33,400 DIrect labor 8,100 Incone taxes expense 9,900 Indirect labor Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplles used Factory utilities Inventories $ 677,480| 246,9e0 58, 200| 11,eee 66,eee| 935,e00 23,00e| 28,900 81,6ee| 37,eee 4,565,00e| 398,700 34, 200 Miscellaneous production costs 114,600 Ofice salaries expense 9,800 Raw materials purchases 41, e00 Rent expense-Office space Rent expense-Selling space 156,400 Rent expense-Factory building 189, e00 16,500 19,e00 Sales salaries expense 165, 500 142, 200 Raw materials, December 31, 2018 Raw materials, Decenber 31, 2019 Maintenance expense-Factory equipnent Sales Work in process,…
education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddlewa Prin X M Question 4 - Chapter 5, Assign X Maps Porter's Five Forc... signment 2 8 January 1 April 1 October 1 The following information pertains to the inventory of Parvin Company during Year 2. 300 units @ $37 2,900 units @ $42 500 units @ $45 During Year 2, Parvin sold 3,500 units of inventory at $80 per unit and incurred $46,000 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $84,000, inventory of $11,100, common stock of $59,000, and retained earnings of $36,100. FIFO General Journal Required a. Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of journal entries and T-accounts for each method. Beginning Inventory…
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View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next