Required information Use the following information for the Exercises below. [The

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.

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, 2017.
2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

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, 2017.

Required 2:.

Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

Garcon Company Pepper Company Beginning finished goods inventory $ 12,100 $ 17,950 Beginning work in process inventory 19,000 23,100 Beginning raw materials inventory 11,700 10,050 Rental cost on factory equipment 28,750 25,900 Direct labor 20,600 37,400 Ending finished goods inventory 20,600 13,100 Ending work in process inventory 22,900 21,600 Ending raw materials inventory 6,800 9,200 Factory utilities 10,650 14,000 Factory supplies used 11,500 5,100 General and administrative expenses 31,500 56,000 Indirect labor 2,350 8,680 Repairs—Factory equipment 7,340 3,750 Raw materials purchases 37,000 63,500 Selling expenses 57,200 48,100 Sales 204,030 327,510 Cash 22,000 21,700 Factory equipment, net 232,500 148,825 Accounts receivable, net 15,800 24,950

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, 2017.
2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

Explanation / Answer

Garcon Pepper Company Company Direct Materials: Beginning raw materials inventory 11,700 10,050 Raw material purchased 37,000 63,500 Raw materials available for use 48,700 73,550 less:ending raw materials inventory 6,800 9,200 Direct materials used 41,900 64,350 Direct labor 20,600 37,400 Factory overhead Rental cost on factory Equipment 28,750 25,900 Factory utilities 10,650 14,000 Factory supplies used 11,500 5,100 indirect labor 2,350 8,680 Repairs-factory equipment 7,340 3,750 total factory overhead 60,590 57,430 total manufacturing cost 123,090 159,180 Add:Beginning work in process inventory 19,000 23,100 total cost of work in process 142,090 182,280 less:Ending work in process inventory 22,900 21,600 cost of goods manufactured 119,190 160,680 Garcon Pepper Company Company Beginning finisehd goods inventory 12,100 17,950 cost of goods manufactured 119,190 160,680 cost of goods available for sale 131,290 178,630 less finished goods ivnentory 20,600 13,100 cost of goods sold 110,690 165,530

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