Required Information Use the following Information for the Exercises below. (Algo) [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. Garcon Company $ 13,300 16,300 11,700 30,250 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 23,200 19,250 24,100 6,000 13,650 32,000 14,700 6,500 42,000 54,000 295,230 25,000 Pepper Company $ 17,350 23,250 10,500 22,000 37,000 16, 200 19, 200 7,400 12,250 54,000 13,920 3,600 65,000 59, 200 391,960 20, 200

Required Information Use the following Information for the Exercises below. (Algo) [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. Garcon Company $ 13,300 16,300 11,700 30,250 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 23,200 19,250 24,100 6,000 13,650 32,000 14,700 6,500 42,000 54,000 295,230 25,000 Pepper Company $ 17,350 23,250 10,500 22,000 37,000 16, 200 19, 200 7,400 12,250 54,000 13,920 3,600 65,000 59, 200 391,960 20, 200

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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StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory $ 29,200 Raw materials Work in process Finished goods 21,700 78,900 Additional information for the month of March follows: A Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Ending Inventory $ 26,700. 46,400 68,900 Required 1 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required 2 89 SEP Rased on the above information nrenare a cost of goods manufactured report A O O
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…
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. . Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses. Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,200,000 52,000 68,000 88,000 239,000 287,000 43,000 34,000 68,000 109,000 174,000 62,000 82,000 106,000
[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. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 17,800 Work in process inventory, beginning 16,800 21,300 Raw materials inventory, beginning 9,600 12,300 Rental cost on factory equipment 29,250 26,200 Direct labor 24,400 38,200 Finished goods inventory, ending 21,050 13,800 Work in process inventory, ending 22,900 20,200 Raw materials inventory, ending 6,300 7,600 Factory utilities 12,150 17,000 General and administrative expenses 28,000 50,000 Indirect labor 14,200 13,120 Repairs—Factory equipment 5,300 2,250 Raw materials purchases 44,500 64,500 Selling expenses 53,600 53,200 Sales 297,090 381,210 Cash 34,000 24,200 Accounts receivable, net 14,000 20,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for…
The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) Finished Goods Inventory (1/1/22) Finished Goods Inventory (12/31/22) Work in Process Inventory (1/1/22) Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $47,950 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 44,350 85,700 77,600 9,850 6,550 145,100 18,200 27,250 7,600 $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300
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The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
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