Question 2- Part 2 [The following information applies to the questions displayed below.]The following data is provided for Garcon Company and Pepper Company.| **Item** | **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 | 9,900 || 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 |Please use this data for reference when answering questions related to Garcon Company and Pepper Company. **Question Prompt:****Complete this question by entering your answers in the tabs below.**---**Tabs:**- Required 1- Required 2 (Currently Selected)---**Instructions:**Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.---**Table:**| | Garcon Company | Pepper Company ||--------------------------------|----------------|----------------|| | | || | | || Cost of goods available for sale | | || | | || Cost of goods sold | | |---**Navigation Buttons:**- Required 1 (left arrow)- Required 2 (right arrow, currently selected, faded out)---**Explanation:**The table is designed to calculate the cost of goods sold for Garcon Company and Pepper Company. The specific rows to be filled in include:1. **Two unspecified rows** for company-specific data that will contribute to the calculations.2. **Cost of goods available for sale** for both companies.3. **Cost of goods sold** for both companies.This exercise requires inputting data to determine the final cost values for both companies as of December 31, 2017. ---

Cost of goods sold includes all costs and expenses related to production of goods.it doesn't…

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

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

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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