Complete the table to find the cost of goods manufactured for both Garçon company and pepper company for the years ended December 31. Direct materialsRaw materials inventory, beginningAdd: Raw materials purchasesRaw materials available for useLess: Raw materials inventory, endingDirect materials used.Direct laborFactory overheadIndirect laborTotal factory overheadTotal manufacturing costsTotal cost of work in processCost of goods manufacturedGarconCompany$$10,50037,50048,0007,10040,90025,0009,9009,9000$repperCompany0 $11,40068,00079,4008,00071,40040,00013,48013.48000 The following data is provided for Garcon Company and Pepper Company for the year ended December 31.GarconCompany$ 12,800Finished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, ending.Raw materials inventory, endingFactory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, net17,40010,50034,25025,00019, 70023,5007,10010, 20033,0009,9006, 14037,50051, 200282,00028,00016,400PepperCompany$ 18, 40023,70011, 40026, 20040, 60016,50017, 2008,00014,75044,00013, 4802,05068,00059, 200371, 49017,70023,950

Answered: The following data is provided for…

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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Complete the table to find the cost of goods manufactured for both Garçon company and pepper company for the years ended December 31.

Direct materials
Raw materials inventory, beginning
Add: Raw materials purchases
Raw materials available for use
Less: Raw materials inventory, ending
Direct materials used.
Direct labor
Factory overhead
Indirect labor
Total factory overhead
Total manufacturing costs
Total cost of work in process
Cost of goods manufactured
Garcon
Company
$
$
10,500
37,500
48,000
7,100
40,900
25,000
9,900
9,900
0
$
repper
Company
0 $
11,400
68,000
79,400
8,000
71,400
40,000
13,480
13.480
0
0

The following data is provided for Garcon Company and Pepper Company for the year ended December 31.
Garcon
Company
$ 12,800
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
17,400
10,500
34,250
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

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A cost sheet is a method of allocating total costs into different categories. It helps to identify the cost at different stages. These categories are raw material consumed, prime cost, factory cost, and cost of goods sold.

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