Exercise 14-8 Cost of goods manufactured and cost of goods sold computation P1 P2 Using the following selected data from both Garcon Company and Pepper Company for the year ende December 31, 2019, compute (1) the cost of goods manufactured and (2) the cost of goods sold. 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 Accounts receivable, net Check Garcon COGS. 591030 Garcon Co. Pepper Co. $ 12,000 $16,450 14.500 19.950 7,250 9,000 27,000 22,750 19,000 35,000 17,650 13.300 22,000 16,000 5.300 7.200 9,000 12,000 8,200 3,200 21,000 43,000 1.250 7.660 4.780 1,500 33.000 52,000 50,000 46,000 195.030 290,010 20,000 15,700 13,200 19.450 Page Exercise 14-9 Preparing financial statements for a manufacturer @c4 OP2 Refer to the data in Exercise 14-8. For each company, prepare (1) an income statement and (2) the current assets section of the balance sheet. Ignore income taxes