Question

Required information 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 Garcon Pepper Company $ 19,600 22,650 9,300 Company $ 12,000 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor 18,100 10,400 27,500 24,800 19,550 26,800 7,600 11,550 9,100 27,500 2,250 4,820 37,500 57,200 226,530 28,000 237,500 26,350 35,400 13,800 19,400 8,000 Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses 13,500 5,700 43,000 9,580 1,550 66,000 46,300 340,010 17,700 157,825 22,950 Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts peceivable, net 16,600 Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2

Answer 1

$ Schedule Cost of goods Manufactured Schedule For the Year ended December 31,2017 Particulars Garcia Company Culpepper company Direct Material : Raw Material inventory beginning 10,400S 9.300 Add: Raw materials purchases $ 226,530 S 340,010 Raw materials available 236,930$ 349,310 Less: Raw materials inventory Ending 7,600 S 8.000 Direct Materials Used 229,330S 341,310 Cost of Direct Labour 24,800 $ 35.400 Factory Overhead Rental cost on factory equipment 27,500S 26,350 Factory utilities 11,550 $ 13,500 Factory supplies used 9,100 $ 5,700 Indirect Labor 2,250 S 9,580 Repairs - Factory equipment 4.820 $ 1,550 Total Factory overhead 55,220S 56.680 Total Manufacturing Costs 309,350 $ 433,390 Add: Beginning work in process $ 18.100S 22,650 Total Cost of Goods in Process $ 327,450 $ 456,040 Less: Ending work in process S 26,800S 19,400 Cost of goods Manufactured S 300,650S 436,640

Schedule Cost of goods Sold For the Year ended December 31,2017 Particulars Garcon Company Pepper Company Finished goods inventory, Beginning $ 12,000 $ 19,600 Add: Cost of Goods manufactured 300.650S 436,640 Cost of goods available for sale 312,650S 456,240 Less: Finished goods inventory, Ending 19,550 S 13.800 Cost of Goods Sold 293,100 S 442,440