Question

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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. Pepper Company $ 16,450 Garcon Company $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 8,200 21,000 1,250 4,780 33,000 50,000 195,030 20,000 212,500 13,200 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 3,200 43,000 7,660 1,500 52,000 46,000 290,010 15,700 115,825 19,450 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 < Prey ... 12

Answer 1

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Answer 1
Cost of goods manufactured	Garcon	Pepper
Beginning Raw material inventory	7,250.00	9,000.00
Raw material Purchases	33,000.00	52,000.00
Total Raw material available for use	40,250.00	61,000.00
Less: Ending Raw material inventory	5,300.00	7,200.00
Direct materials used	34,950.00	53,800.00
Direct Labor	19,000.00	35,000.00
Manufacturing Overhead
Rental cost on factory equipment	27,000.00	22,750.00
Factory utilities	9,000.00	12,000.00
Factory supplies	8,200.00	3,200.00
Indirect Labor	1,250.00	7,660.00
Repairs- Factory equipment	4,780.00	1,500.00
Total Manufacturing Overhead	50,230.00	47,110.00
Total Manufacturing costs	104,180.00	135,910.00
Beginning Work in process inventory	14,500.00	19,950.00
Total cost of work in process	118,680.00	155,860.00
Less: Ending Work in process inventory	22,000.00	16,000.00
Cost of goods manufactured	96,680.00	139,860.00
Answer 2
Cost of goods sold	Garcon	Pepper
Beginning Finished goods inventory	12,000.00	16,450.00
Cost of goods manufactured	96,680.00	139,860.00
Cost of goods available for sale	108,680.00	156,310.00
Less: Finished goods inventory, ending	17,650.00	13,300.00
Cost of goods sold	91,030.00	143,010.00
Answer 1
Income Statement	Garcon	Pepper
Sales Revenues
Sales Revenues	195,030.00	290,010.00
Net Sales	195,030.00	290,010.00
Less: Cost of goods sold	91,030.00	143,010.00
Gross Profit	104,000.00	147,000.00
Less: Operating Expenses
General and administrative	21,000.00	43,000.00
Selling expense	50,000.00	46,000.00
Total Operating Expenses	71,000.00	89,000.00
Income before tax	33,000.00	58,000.00
Answer 2
Current Assets	Garcon	Pepper
Cash	20,000.00	15,700.00
Accounts Receivable	13,200.00	19,450.00
Inventories
Finished goods	17,650.00	13,300.00
Work in process	22,000.00	16,000.00
Raw materials	5,300.00	7,200.00
Total Current Assets	78,150.00	71,650.00