Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 18-7 (Algo) Computing cost of goods manufactured and cost of goods sold LO P1, P2 Complete the table to find the cost of goods

Exercise 18-7 (Algo) Computing cost of goods manufactured and cost of goods sold LO P1, P2

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

Required information

Use the following information for the Exercises below. (Algo)

Skip to question

[The following information applies to the questions displayed below.]

The following data is provided for Garcon Company and Pepper Company for the year ended December 31.

Garcon Company Pepper Company
Finished goods inventory, beginning $ 15,000 $ 18,400
Work in process inventory, beginning 17,500 21,900
Raw materials inventory, beginning 10,500 11,550
Rental cost on factory equipment 30,000 26,050
Direct labor 19,800 41,400
Finished goods inventory, ending 19,700 15,000
Work in process inventory, ending 24,700 17,000
Raw materials inventory, ending 7,500 9,000
Factory utilities 14,700 15,000
General and administrative expenses 31,500 52,500
Indirect labor 15,250 13,140
RepairsFactory equipment 7,820 3,200
Raw materials purchases 43,500 69,000
Selling expenses 52,800 54,100
Sales 270,360 399,680
Cash 20,000 17,200
Accounts receivable, net 14,400 24,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understand Accounting

Authors: Claude Hitching, Derek Stone

1st Edition

0273018833, 978-0273018834

More Books

Students also viewed these Accounting questions