Question

these are all part of number 3 shown in the pictures. please do all the requirements.

Use the following information for the Exercises below. (The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. Part 2 of 2 $ 0.75 points Skipped eBook 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 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 8,200 21,000 1,250 4,780 33,000 50,000 195,030 20,000 212,500 13,200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 3,200 43,000 7,660 1,500 52,000 46,000 290,010 15,700 115, 825 19,450 Hint Print References Exercise 01-9 Preparing financial statements for a manufacturer LO C4, P2 Required: 1. Prenare income statements for both Garcon Company and Penner Comn: Screenshot

these are all number 3 please complete all!

Answer 1

Schedule of Cost of Goods Manufactured
	Garcon Company	Pepper Company
Direct Materials:
Beginning raw materials inventory	$7,250	$9,000
Add: Raw materials purchases	$33,000	$52,000
Raw materials available for use	$40,250	$61,000
Less: Ending raw materials inventory	$5,300	$7,200
Raw Materials used	$34,950	$53,800
Direct labor	$19,000	$35,000
Factory Overhead:
Rental cost on factory equipment	$27,000	$22,750
Factory utilties	$9,000	$12,000
Factory supplies used	$8,200	$3,200
Indirect labor	$1,250	$7,660
Repairs - factory equipment	$4,780	$1,500
Total factory overhead	$50,230	$47,110
Total manufacturing costs   [Direct material used + Direct labor + Total factory overhead]	$104,180	$135,910
Add: Beginning work in Process inventory	$14,500	$19,950
Total Cost of work in Process	$118,680	$155,860
Less: Ending work in process inventory	$22,000	$16,000
Cost of Goods Manufactured	$96,680	$139,860

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Schedule of Cost of Goods Sold
	Garcon Company	Pepper Company
Beginning Finished goods inventory	$12,000	$16,450
Add: Cost of Goods Manufactured            (Refer schedule of cost of goods manufactured)	$96,680	$139,860
Cost of Goods available for sale	$108,680	$156,310
Less: Ending Finished goods inventory	$17,650	$13,300
Cost of Goods Sold	$91,030	$143,010

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Garcon Company
Income Statement
For Year Ended December 31, 2019
Sales	$195,030
Less: Cost of Goods Sold         (Refer schedule of cost of goods sold)	$91,030
Gross Margin	$104,000
Operating Expenses
General and Administrative Expenses	$21,000
Selling expenses	$50,000
Income (Loss) before tax    [$104,000 - $21,000 - $50,000]	$33,000

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Pepper Company
Income Statement
For Year Ended December 31, 2019
Sales	$290,010
Less: Cost of Goods Sold            (Refer schedule of cost of goods sold)	$143,010
Gross Margin	$147,000
Operating Expenses
General and Administrative Expenses	$43,000
Selling expenses	$46,000
Income (Loss) before tax    [$147,000 - $43,000 - $46,000]	$58,000

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Garcon Company
Partial Balance Sheet
As of December 31, 2019
Cash		$20,000
Accounts Receivable, net		$13,200
Inventories:
Raw material inventory         [Ending]	$5,300
Work-in process inventory    [Ending]	$22,000
Finished goods inventory      [Ending]	$17,650
		$44,950
Total current assets		$78,150

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Pepper Company
Partial Balance Sheet
As of December 31, 2019
Cash		$15,700
Accounts Receivable, net		$19,450
Inventories:
Raw material inventory         [Ending]	$7,200
Work-in process inventory    [Ending]	$16,000
Finished goods inventory      [Ending]	$13,300
		$36,500
Total current assets		$71,650