Question

The following data is provided for Garcon Company and Pepper Company. $ 12,000 $ 16, 450 Beginning work in process inventory Beginning raw material inventory Rental cost on factory equipment Direct labo Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory ฐupplies used General and adninistrative Indirect labor Repairs-Factory equipment Raw materials purcha e 27,000 22,150 16,000 43,000 1,250 1, 500 46,000 290,010 15, 700 115, 825 19, 450 Eactory equipment, net Accounts receivable, net Required: 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. Required 1Required 2 Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017 Direct materials

Answer 1

Cost of Goods Manufactured Garcon Pepper Direct Material :- Beginning Inventory of Raw Material $ 7,250 $ 9,000 Material purchased $ 33,000 $ 52,000 Raw material Available for use $ 40,250 $ 61,000 Ending Inventory of Raw Material $ 5,300 $ 7,200 Direct Material used $ 34,950 $ 53,800 Add less Direct Labor $ 19,000 $ 35,000 Factory Overhead: Rental cost on factory Equipment Factory Utilities Factory supplies used Indirect Labor Repair factory equipment Total Factory Overhead Total Manufacturing cost $ 27,000 $ 9,000 $ 8,200 $ 1,250 $ 4,780 $ 50,230 $ 104,180 $ $ $ $ $ $ $ 22,750 12,000 3,200 7,660 1,500 47,110 135,910 Add Beginning Work in Process Total Cost of work in process Ending Work in Process $ 14,500 $ 118,680 $ 22,000 $ $ $ 19,950 155,860 16,000 less Cost of Goods Manufactured $ 96,680 $ 139,860 Cost of Goods sold Add Beginning Inventory Finished Goods Cost of Goods Manufactured Cost of goods available for sale Ending Inventory of Finished Goods Cost Of Goods Sold Garcon $ 12,000 $ 96,680 $ 108,680 $ 17,650 $ 91,030 Pepper $ 16,450 $ 139,860 $ 156,310 $ 13,300 $ 143,010 less

Income Statement Garcon 195,030 91,030 104,000 $ $ $ less Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses:- General & Administrative Expenses selling Expenses Total Operating Expenses Income Before Tax $ $ $ $ 21,000 50,000 71,000 33,000 Income Statement Pepper $ 290,010 $ 143,010 $ 147,000 less Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses:- General & Administrative Expenses selling Expenses Total Operating Expenses Income Before Tax $ $ $ $ 43,000 46,000 89,000 58,000 Garcon Company Partial Balance sheet (Current assets) $ $ 20,000 13,200 Current Assets | Cash Accounts Receivables Inventories: Ending Raw material inventory Ending Work in Process Inventory Ending Finished goods Inventory Total Current Assets $ $ $ 5,300 22,000 17,650 $ $ 44,950 78,150 Pepper Company Partial Balance sheet (Current assets) $ $ 15,700 19,450 Current Assets Cash Accounts Receivables Inventories: Ending Raw material inventory Ending Work in Process Inventory Ending Finished goods Inventory Total Current Assets $ $ $ 7,200 16,000 13,300 $ $ 36,500 71,650

Prime Cost Garcon Pepper Direct Material :- Beginning Inventory of Raw Material Material purchased Raw material Available for use Ending Inventory of Raw Material Direct Material used Direct Labor Total Prime Cost $ 7,250 $ $ 33,000 $ $ 40,250 $ $ 5,300 $ $ 34,950 $ $ 19,000 $ $ 53,950 $ 9,000 52,000 61,000 7,200 53,800 35,000 88,800 Conversion Cost Garcon Pepper $ 19,000$ 35,000 Direct Labor Factory Overhead: Rental cost on factory Equipment Factory Utilities Factory supplies used Indirect Labor Repair factory equipment Total Factory Overhead Total Conversion Cost $ 27,000 $ $ 9,000 $ $ 8,200 $ $ 1,250 $ $ 4,780 $ $ 50,230 $ $ 69,230 $ 22,750 12,000 3,200 7,660 1,500 47,110 82,110