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. 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 18,800 8,200 29,500 22,800 20,900 24,400 7,400 14,100 13,900 22,500 2,050 6,860 44,500 53,200 208,530 28,000 277,500 14,200 Pepper Company $ 17,950 20,400 14,100 22,000 40,600 13,500 16, 200 9,000 12,750 5,200 59,000 8,800 2,600 62,500 55,600 335, 010 19, 200 133,825 24,200 Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 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

Answer of Requirement 1:

Garcon Company Peper Company 8200 445001 52700 7400 453001 22800 14100 62500 76600 9000 67600 40600 Direct Materials Beginning Raw Materials Inventory Add: Raw Material Purchases Raw Material Available for Sale Less: Ending Raw Material Inventory Direct Materials Used Direct Labor Factory Overhead Indirect Labor Factory Supplies Used FactoryUtilities Rental Cost on Factory Equipment Repairs-Factory Equipment Total Factory Overhead Total Manufacturing Costs Add: Beginning Work in Process Inventory Total Cost of work in process Less: Ending Work in Process Inventory Cost of Goods Manufactured 2050 13900 141001 29500 6860 664101 134510 18800 153310 24400 1289101 8800 52001 127500 22000 2600 51350 159550 20400 179950 16200 163750 Answer of Requirement 2: Beginning Finished Goods Inventory Add: Cost of Goods Manufactured Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Cost of Goods Sold Garcon Company Peper Company 13500 17950 128910 163750 142410 181700 20900 13500 121510) 168200