The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 13,500 18,500 11,500 29,500 20,200 19,250 23,200 7,700 10,200 34,500 11,950 4,820 43,500 64,000 278,670 21,000 14,800 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 Pepper Company $ 16,600 20,250 9,300 25,750 42,200 16,800 21,000 8,200 16,500 49,500 15,040 3,950 62,000 49,000 371,260 22,200 23,950 1. Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company.

The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 13,500 18,500 11,500 29,500 20,200 19,250 23,200 7,700 10,200 34,500 11,950 4,820 43,500 64,000 278,670 21,000 14,800 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 Pepper Company $ 16,600 20,250 9,300 25,750 42,200 16,800 21,000 8,200 16,500 49,500 15,040 3,950 62,000 49,000 371,260 22,200 23,950 1. Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each 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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4. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31.
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
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Lastly: Determine the costs of goods sold for January:
[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…
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