The following data is provided for Garcon Company and Pepper Company for the year ended December 31.GarconCompanyPepperCompanyFinished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect labor$ 14,500$ 18,70018,20021,60011,00014,85033,25025,45022,00036,200Finished goods inventory, ending18,80014,900Work in process inventory, ending27,78021,200Raw materials inventory, ending6,70010,000Factory utilities13,50015,250General and administrative expenses23,00059,000Indirect labor12,15012,760Repairs-Factory equipment4,8203,850Raw materials purchases37,50062,000CashSelling expensesSalesAccounts receivable, net53,60053,800276,720376,88027,00023,20015,80023,4501. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year endedDecember 31.2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year endedDecember 31.

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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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Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,300 $ 17,650 Work in process inventory, beginning 17, 100 23,700 Raw materials inventory, beginning 11,700 14,700 Rental cost on factory equipment 31, 250 23,650 Direct labor 24,200 44,600 Finished goods inventory, ending 19,400 14,800 Work in process inventory, ending 24, 400 20, 600 Raw materials inventory, ending 7, 600 9,000 Factory utilities 13,650 14,250 General and administrative expenses 25,000 56, 500 Indirect labor 12, 150 15,480 Repairs-Factory equipment 5, 900 3, 550 Raw materials purchases 39, 500 63, 500 Selling expenses 54,000 58, 600 Sales 287, 520 388,810 Cash 21,000 21, 200 Accounts receivable, net 14, 600 22,950 GARCON COMPANY Income Statement For Year Ended December 31 Sales $287, 520 Cost of goods sold: Finished goods inventory, beginning $14, 300 Cost…
Question: The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $780,000 Work-in-process inventory, Jan. 1 81,000 Work-in-process inventory, Dec. 31 103,000 Finished goods inventory, Jan. 1 171,000 148,000 Finished goods inventory, Dec. 31 What is Dolphin's cost of goods sold?
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Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000
The following information is available from Gabe's LOL Co. for the month ending September 30, 20XX. Gabe's LOL Co. Information Direct materials used in production 215,500 Direct Labor 199,200 84,400 97,500 114,700 Work-in-Process, Sept. 1 Work-in-Process, Sept. 30 Total Factory Overhead Determine Gabe's LOL Co. cost of goods manufactured for the month ending September 30, 20XX. Gabe's LOL Co. Schedule of Cost of Goods Manufactured For Month Ending Sept. 30, 20xx
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Ending $ 31,000 $ 27,000 ? Raw materials. Work in process Finished goods Beginning $ 55,000 ? $ 34,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule…
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased Indirect materials issued to production Total materials issued to production Beginning materials inventory $ 91,900 11,900 134,000 54,000 The amount of direct materials issued is:

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