Question

Saved 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 $ 13,500 18,300 10,888 29,250 21,400 20,450 25,000 6,300 10,350 12,180 26,500 2,100 5,900 47,500 50,000 232,530 28,000 262,500 15,000 Pepper Company $ 19,750 21,600 9,389 25,300 39,400 13,000 19,400 8,600 13,750 5,500 44,500 8,980 2,950 56,500 55,989 312,510 24,700 124,825 20,450 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 Year Ended December 31, 201
	Garcon	Pepper
Direct materials
Raw materials inventory, Beginning	$       10,800	$       9,300
Raw materials purchases	$       47,500	$     56,500
Raw materials available for use	$       58,300	$     65,800
Less: Raw materials inventory, Ending	$       -6,300	$      -8,600
Direct materials used	$       52,000	$     57,200
Direct labour	$       21,400	$     39,400
Manufacturing overhead :
Rent expense—Factory building	$       29,250	$     25,300
Factory utilities	$       10,350	$     13,750
Factory supplies used	$       12,100	$       5,500
Indirect labour	$         2,100	$       8,980
Repair factory equipment	$         5,900	$       2,950
Total factory overhead costs	$       59,700	$     56,480
Total manufacturing costs	$    1,33,100	$ 1,53,080
Add: Work in process inventory, beginning	$       18,300	$     21,600
Total cost of goods in process	$        1,51,400	$      1,74,680
Less: Work in process inventory, Ending	$     -25,000	$    -19,400
Cost of goods manufactured	$        1,26,400	$      1,55,280
Cost of goods sold
	Garcon	Pepper
Beginning inventory finished goods	$       13,500	$     19,750
Add: Cost of goods manufactured	$    1,26,400	$ 1,55,280
Cost of goods available for sales	$    1,39,900	$ 1,75,030
Less: Ending inventory of finished goods	$     -20,450	$    -13,000
Cost of goods sold	$    1,19,450	$ 1,62,030
Note: Administrative expenses part of income statement