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[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 $ 14, 200 15,400 10, 100, 33,500 19,800 18,500 23,500 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 5,900 12,900 30,000 13,950 5,300 41, 500 57, 200 280, 740 29,000 13,400 Required 1 Required 2 Pepper Company $19,600 23, 700 14,550 22,900 43,000 15, 100 21, 400 9,800 17, 250 57,500 14, 460 3,050 56,000 51, 100 374,360 22,700 23, 200 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Complete this question by entering your answers in the tabs below. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.

[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 $ 14, 200 15,400 10, 100, 33,500 19,800 18,500 23,500 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 5,900 12,900 30,000 13,950 5,300 41, 500 57, 200 280, 740 29,000 13,400 Required 1 Required 2 Pepper Company $19,600 23, 700 14,550 22,900 43,000 15, 100 21, 400 9,800 17, 250 57,500 14, 460 3,050 56,000 51, 100 374,360 22,700 23, 200 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Complete this question by entering your answers in the tabs below. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.

FINANCIAL ACCOUNTING
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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31 part 2
[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. 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 Garcon Company $ 14, 200 15,400 10, 100. 33,500. 19,800 18,500 23,500 Required 1 Required 2 5,900 12,900 30,000 13,950 5,300 41, 500 57, 200 280, 740 29,000 13,400 Pepper Company $19,600 23, 700 14, 550 22,900 43,000 15, 100 21, 400 9,800 17, 250 57,500 14, 460 3,050 56,000 51, 100 374,360 22,700 23, 200 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Complete this question by entering your answers in the tabs below. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.
Transcribed Image Text:[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. 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 Garcon Company $ 14, 200 15,400 10, 100. 33,500. 19,800 18,500 23,500 Required 1 Required 2 5,900 12,900 30,000 13,950 5,300 41, 500 57, 200 280, 740 29,000 13,400 Pepper Company $19,600 23, 700 14, 550 22,900 43,000 15, 100 21, 400 9,800 17, 250 57,500 14, 460 3,050 56,000 51, 100 374,360 22,700 23, 200 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Complete this question by entering your answers in the tabs below. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.
31 Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Required 1 Required 2 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. 41, 500 57, 200 280, 740 Complete this question by entering your answers in the tabs below. Goods available for sale 29,000 13,400 Cost of goods sold Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Garcon Company 56,000 51, 100 374,360 22,700 23, 200 < Required 1 Pepper Company Required 2 >
Transcribed Image Text:31 Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Required 1 Required 2 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. 41, 500 57, 200 280, 740 Complete this question by entering your answers in the tabs below. Goods available for sale 29,000 13,400 Cost of goods sold Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31. Garcon Company 56,000 51, 100 374,360 22,700 23, 200 < Required 1 Pepper Company Required 2 >
Expert Solution
Step 1

Cost of Goods Sold :— Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company.

As simple Cost of Goods sold is Computed

= Beggining finished Goods + Cost of Goods manufactured - Ending Finished Goods 

Cost of Goods Manufacturing Computed 

= Total Manufactured Cost + Beggining Work in Process - Ending Work In Process 

 Manufactured Cost Computed 

= Direct Material Consumed + Direct Labour used + Factory OH 

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