Factory ut1A ezto.mheducation.comorthern Virginia Community CollegeN McGraw-Hill ConnectA Class ACC 212 Template - 8th Ed.- Canvas NOer 14 Homework ASavedThe following data is provided for Garcon Company and Pepper Company.GarconBeginning finished goods inventoryBeginning work in process inventoryBeginning raw materials inventory (direct materials)Rental cost on factory equipmentDirect laborEnding finished goods inventoryCompany$ 14,70015,40011,70029759РеpperCompany$ 17,80023,70014,55025.75029,75024,60018,95027,7007,40010,20010,60029,0002,3507.70044,00060,400205,53026,000252,50014,40043,80015,50018,4007,40014,2505,20052,0009,6402,85056,50049,600342,51020,200133,82519,700EnGing work in process inventoryraw materials inventoryutilitiesFactory supplies used (indirect materials)General and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashFactory equipment, netAccounts receivable, netesRequired:1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company forDecember 31, 2019.2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the-December 31, 2019.Complete this question by entering your answers in the tabs below.Required 1Required 2Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Comnanv for the vea< Prev4 of 5Next >

1) Schedule of Cost of Goods Manufactured for the Year Ended December 31,2019 Garcon…

The following data is provided for Garcon Company and Pepper Company. Garcon Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Company $14,700 15,400 11,700 29,750 24,600 18,950 27,700 7,400 10,200 10,600 29,000 2,350 7,700 44,000 60,400 205,530 26,000 252,500 14,400 Реpper Company $ 17,800 23,700 14,550 25,750 43,800 15,500 18,400 7,400 14,250 5,200 52,000 9,640 2,850 56,500 49,600 342,510 20,200 133,825 19,700 Factory equipment, net Accounts receivable, net

The following data is provided for Garcon Company and Pepper Company. Garcon Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Company $14,700 15,400 11,700 29,750 24,600 18,950 27,700 7,400 10,200 10,600 29,000 2,350 7,700 44,000 60,400 205,530 26,000 252,500 14,400 Реpper Company $ 17,800 23,700 14,550 25,750 43,800 15,500 18,400 7,400 14,250 5,200 52,000 9,640 2,850 56,500 49,600 342,510 20,200 133,825 19,700 Factory equipment, net Accounts receivable, net

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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Please answer the following subparts in regards to this same question: d. Direct labor usede. Indirect labor usedf. Other overhead costs paid in cash Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs)…
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: On Company $66,090 (a) 167,870 177,120 249,160 77,330 (b) 630,500 126,890 107,070 (c) 111,690 116,980 974,170 (d) (e) 126,890 (f) Off Company $83,270 94,100 (a) (b) 187,360 93,260 538,760 630,500 200,680 (c) 533,760 93,260 (d) 832,700 538,760 (e) (f) 184,860 1. Determine the amounts of…
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Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 22653a05d041061_9 Total manufacturing costs $fill in the blank 22653a05d041061_10 - Select - Cost of goods manufactured $fill in the blank 22653a05d041061_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
PARRISH 3-3 POSTING TO SUB LEDGERS Pleae post the following transactions to the appropriate Sub General Ledger. (Also are these considerd GL or Sub GL?) GL1) Cash in Bank 2) Parts Inventory3) Equipment4) Notes Payable5) Common Stock6) Sales Revenue7) Repair Fees8) COGS9) Rent ExpenseTransactions1) 11/1 Jim Peterson checking starts Florida Motor Repair by issuing 100 shares of non par common stock to himself for $10000 cash. He deposits the cash to his business checking account. 2) 11/2 Jim gets a $5000 loan from the bank to use for additional start up funds. The 5% loan is due in one year. The bank deposits the proceeds into Jim's business checking account3) 11/2 Jim rents space for a repair shop for one month and pays $800 cash 4) 11/3 Jim buys equipment for $2000 and pays cash. 5) Jim buys parts inventory for $500 and pays cash 6) Don Noble is Jim's first customer. He asks Jim to repair his boat motor. Jim uses parts costing $30. He gives Don Noble a sales invoice for $60 in parts…
The following T-accounts represent September activity for Kelly Tools: Work-in-Process Inventory Materials Inventory Debit Credit Debit Credit Beginning Ending Balance 24,900 Balance 42,400 (9/1) (9/30) Direct 120,800 Labor Cost of Goods Sold Debit Credit Manufacturing Overhead Applied Credit Debit Finished Goods Inventory Debit Credit Ending Balance 70,500 (9/30) Manufacturing Overhead Control Credit Debit 132,510 Wages Payable Sales Revenue Debit Credit Debit Credit 528,500 . Additional Data •Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. Materials of $82,100 were purchased during the month, and the balance in the Materials Inventory account increased by $8,500 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $23,900 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account…
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200