Question

Required information The following information applies to the questions displayed below! The following data is provided for Garcon Company and Pepper Company. $ Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company 13,109 17,800 7,200 33,000 20,000 18,889 24,700 6,200 14,250 9,100 33,500 1,950 6,620 45,000 58,000 228,30 23,000 242,500 15,000 Pepper Company 18,400 20,700 13,95€ 25,000 37,800 16,800 20,600 8,000 13,000 4,100 51,500 9,340 1,900 57,500 47,500 310,010 21,700 148,825 22,950 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, 2019 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2019

Answer 1

Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2019 Garcon Pepper Company Company Direct materials Beginning raw materials inventory (direct materials) $7.200 $13,950 Add: Raw materials purchases $45,000 $57,500 Raw materials available for use $52,200 $71,450 Less: Ending raw materials inventory $6,200 $8,000 Direct materials used (a) $46,000 $63,450 Direct labor cost (6) $20,000 $37,800 Factory overhead Rental cost on factory equipment $33,000 $25,000 Factory utilities $14,250 $13,000 Factory supplies used (Indirect materials) $9,100 $4,100 Indirect labor $1,950 $9,340 Repairs-Factory equipment $6,620 $1,900 Total factory overhead (c) $64,920 $53,340 Total manufacturing costs (a+b+c) $130,920 $154,590 Add: Beginning work in process inventory $17,800 $20,700 Total cost of work in process $148.720 $175,290 Less: Ending work in process inventory $24.700 $20,600 Cost of goods manufactured $124,020 $154,690 Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2019 Garcon Pepper Company Company Beginning finished goods inventory $13,100 $18,400 Add: Cost of goods manufactured $124.020 $154,690 Cost of goods available for sale $137.120 $173,090 Less: Ending finished goods inventory $18.800 $16,800 Cost of goods sold $118,320 $156,290