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 $ 12,700 18,000 9,400 29,000 21,400 21,800 24,100 5,700 12,000 9,100 25,500 1,350 7,700 41,500 56,400 229,530 33,000 232,500 16,400 Pepper Company $ 17,650 23,700 11,250 24,850 43,000 13,900 21,800 7,600 13,000 4,500 57,500 9,940 1,650 67,000 54,100 307,510 22,700 115, 825 19,700 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:-
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 2019
		Garcon Company	Pepper Company
	Direct Materials :
	Raw Materials inventory,beginning	$          9,400	$                11,250
Add:	Purchases of Raw Materials	$        41,500	$                67,000
	Raw Materials available for use	$        50,900	$                78,250
Less:	Raw materials inventory, ending	$          5,700	$                  7,600
	Direct materials used	$        45,200	$                70,650
	Direct Labor	$        21,400	$           43,000
Add:	Factory Overheads
	Rental Cost on factory equipment	$      29,000	$                24,850
	Factory utilities	$      12,000	$                13,000
	Factory Supplies used	$        9,100	$                  4,500
	Indirect labor	$        1,350	$                  9,940
	Repairs- Factory Equipment	$        7,700	$              1,650
	Total Factory Overhead	$     59,150	$           53,940
	Total manufacuring costs	$      125,750	$             167,590
Add:	Beginning inventory of Work in Process	$        18,000	$           23,700
	Total cost of work in process	$      143,750	$             191,290
Less:	Ending inventory of Work in Process	$        24,100	$           21,800
	Cost of Goods manufactured	$      119,650	$             169,490
Schedule of Cost of Goods sold:-
Schedule of Cost of Goods sold
	Particulars	Garcon Company	Pepper Company
	Finished Goods Inventory, beginning	$      12,700	$            17,650
Add:	Cost of Goods manufactured	$    119,650	$              169,490
	Cost of Goods available for sale	$    132,350	$          187,140
Less:	Finished Goods Inventory, ending	$      21,800	$                13,900
	Cost of Goods sold	$   110,550	$         173,240

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