The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 12,800 17,400 10,500 34, 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 Accounts receivable, net 25,000 19, 700 23,500 7,100 10, 200 33, 000 9,900 6, 140 37,500 51, 200 282, 000 28,000 16, 400 Pepper Company $ 18, 400 23,700 11, 400 26, 200 40, 600 16,500 17, 200 8,000 14, 750 44,000 13,480 2,050 68,000 59, 200 371, 490 17, 700 23,950

The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 12,800 17,400 10,500 34, 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 Accounts receivable, net 25,000 19, 700 23,500 7,100 10, 200 33, 000 9,900 6, 140 37,500 51, 200 282, 000 28,000 16, 400 Pepper Company $ 18, 400 23,700 11, 400 26, 200 40, 600 16,500 17, 200 8,000 14, 750 44,000 13,480 2,050 68,000 59, 200 371, 490 17, 700 23,950

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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The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. PRECIOUS PRODUCTION $ 388,500 47,600 77,500 215,500 21,900 253,300 127,600 295,200 2,256,000 117,500 4,190 337,100 273,300 28,950 123,800 42,850 171,400
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[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 $ 13,300 15,700 11,700 27,750 21,800 21,950 25,600 7,100 13,800 27,500 15,700 6,380 40,000 53,600 284,550 26,000 14,400 Pepper Company $ 18,550 19,500 12,000 25,750 38,600 13,600 19, 200 8,600 14,750 43,500 13,920 3,300 55,500 57,400 379,108 17,700 21,950 Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare Income statements for both Garcon Company and…
The following data relates to the Atlanta Co.: Direct Materials Inventory, Beginning $650 Direct Materials Inventory, Ending $600 Direct Materials Purchases $4,500 Direct Labor $2,300 Factory Overhead $3,200 Work-in-Process Inventory, Beginning $1,350 Work-in-Process Inventory, Ending $1,440 Finished Goods Inventory, Beginning $2,400 Finished Goods Inventory, Ending $2,350 Sales Revenue $14,500 Selling and Administrative Expenses $2,800 Income Tax Rate 35% Required: a. Prepare a Statement of Cost of Goods Manufactured. b. Prepare an Income Statement
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The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: K Work in process inventory $0 Raw materials inventory Finished goods inventory $28,800 $40,200 (Click the icon to view additional data.) What is the work in process inventory balance on January 31? OA. $27,280 OB. $98,031 OC. $69,231 OD. $7280 CO
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 $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
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…
22 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 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
Make an income statement