IThe following information applies to the questions displayed below/ Using the f

Question

IThe following information applies to the questions displayed below/ Using the following data, Garcon Company Pepper Company Beginning finished goods inventory Beginning work In process inventory Beginning raw materials Inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work In process inventory Ending raw materials inventory Factory utilities Factory supplles used General and adminlstrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts recelvable, net $ 14,000 19,000 18,500 14,000 30,000 27,00045,000o 19,500 13,000 7,600 14,000 3,300 12,500 9,500 30,000 19,500 23,000 6,600 7,000 9,300 20.000 1250 42.000 7,660 1500 49,000 46,000 290,010 15.700 115.825 19.450 4.780 30,000 50,000 195,030 20.000 212.500 13.200

Explanation / Answer

Cost of goods manufactured and goods sold for Garcon and Pepper Company is as prepared below:

Particulars Garcon Company Pepper Company Direct Material: Opening Material 9,500 14,000 Add: Direct Material purchase 30,000 49,000 Cost of material available for use 39,500 63,000 Less: Closing Direct Material 6,600 7,600 Cost of Direct Material Used 32,900 55,400 Direct Labour Cost 27,000 45,000 Factory Overhead Rental cost on factory equipment 30,000 30,000 Factory utilities 7,000 14,000 Factory supplies 9,300 3,300 Indirect labour 1,250 7,660 Repairs-factory equipment 4,780 1,500 Total factory overhead 52,330 56,460 Total manufacturing Costs 112,230 156,860 Add: Beginning Work in Process 12,500 18,500 Less: Closing Work in Process 23,000 13,000 Cost of goods manufactured 101,730 162,360 Garcon Company Pepper Company Cost of Goods Manufactured 101,730 162,360 Add: Opening finished goods inventory 14,000 19,000 Cost of Goods Available for Sale 115,730 181,360 Less Ending finished goods 19,500 19,500 Cost of Goods Sold 96,230 161,860

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