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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 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 15,400 10, 100, 33,500 19,800 18,500 23,500 5,900 12,900 30,000 13,950 5,300 41, 500 57, 200 280, 740 Required 1 Required 2 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.

[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 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 15,400 10, 100, 33,500 19,800 18,500 23,500 5,900 12,900 30,000 13,950 5,300 41, 500 57, 200 280, 740 Required 1 Required 2 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.

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 1
[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 Required 1 Required 2 Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Direct materials Raw materials available for use Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total cost of work in process Cost of goods manufactured Garcon Company Required 1 Pepper Company Required 2 >
Transcribed Image Text:31 Required 1 Required 2 Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Direct materials Raw materials available for use Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total cost of work in process Cost of goods manufactured Garcon Company Required 1 Pepper Company Required 2 >
Expert Solution
Step 1

Direct material Used :— It is the cost of materials that is directly incurred in manufacturing process of product. It is calculated as follows :—

 

Direct material Used = Beginning raw material inventory + Raw material purchases — Ending raw material inventory 

 

Total manufacturing Cost :— It is the sum of direct material used, direct labour and factory overhead applied.

 

 

Cost of Goods Manufactured :— It is the cost of completed units that are manufactured during the period. 

It is calculated as follows:—

Cost of goods manufactured

= Beginning WIP + Total manufacturing cost — Ending WIP

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