Question 3- Part 1 The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper CompanyBeginning finished goods inventory $12,000 $16,450 Beginning work in process inventory 14,500 19,950 Beginning raw materials inventory 7,250 9,000 Rental cost on factory equipment 27,000 22,750 Direct labor 19,000 35,000 Ending finished goods inventory 17,650 13,300 Ending work in process inventory 22,000 16,000 Ending raw materials inventory 5,300 7,200 Factory utilities 9,000 12,000 Factory supplies used 8,200 3,200 General and administrative expenses 21,000 43,000 Indirect labor 1,250 7,660 Repairs—Factory equipment 4,780 1,500 Raw materials purchases 33,000 52,000 Selling expenses 50,000 46,000 Sales 195,030 290,010 Cash 20,000 15,700 Factory equipment, net 212,500 115,825 Accounts receivable, net 13,200 19,450 Complete this question by entering your answers in the tabs below.Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B PepperPrepare the income statement for Garcon Company.GARCON COMPANYIncome StatementFor Year Ended December 31, 2017Operating expensesIncome (loss) before tax Complete this question by entering your answers in the tabs below.Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B PepperPrepare the income statement for Pepper Company.PEPPER COMPANYIncome StatementFor Year Ended December 31, 2017Operating expensesIncome before taxRog 10 GoReg 1 R Gor

We need calculate the cost of goods sold for both the companies : COMPUTING COST OF GOODS…

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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Question 3- Part 1

The following data is provided for Garcon Company and Pepper Company.

	Garcon Company		Pepper Company
Beginning finished goods inventory		$	12,000	$	16,450
Beginning work in process inventory			14,500		19,950
Beginning raw materials inventory			7,250		9,000
Rental cost on factory equipment			27,000		22,750
Direct labor			19,000		35,000
Ending finished goods inventory			17,650		13,300
Ending work in process inventory			22,000		16,000
Ending raw materials inventory			5,300		7,200
Factory utilities			9,000		12,000
Factory supplies used			8,200		3,200
General and administrative expenses			21,000		43,000
Indirect labor			1,250		7,660
Repairs—Factory equipment			4,780		1,500
Raw materials purchases			33,000		52,000
Selling expenses			50,000		46,000
Sales			195,030		290,010
Cash			20,000		15,700
Factory equipment, net			212,500		115,825
Accounts receivable, net			13,200		19,450

Complete this question by entering your answers in the tabs below.
Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper
Prepare the income statement for Garcon Company.
GARCON COMPANY
Income Statement
For Year Ended December 31, 2017
Operating expenses
Income (loss) before tax

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