Exercise 18-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2

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

Using the following data,

	Garcia Company					Culpepper Company
Beginning finished goods inventory		$	11,000			$	22,500
Beginning goods in process inventory			20,000				19,500
Beginning raw materials inventory			10,000				12,000
Rental cost on factory equipment			29,000				25,500
Direct labor			26,000				37,000
Ending finished goods inventory			18,000				11,500
Ending goods in process inventory			28,000				20,000
Ending raw materials inventory			9,100				8,200
Factory utilities			9,000				19,000
Factory supplies used			14,700				2,200
General and administrative expenses			22,000				46,000
Indirect labor			1,250				7,660
RepairsFactory equipment			4,780				1,500
Raw materials purchases			30,000				43,000
Sales Salaries			47,000				48,000

1. Complete the below table to calculate the cost of goods manufactured for both Garcia Company and Culpepper Company.

	Garcia Company					Culpepper Company
Direct Materials
Raw Materials Available for Use
Direct Materials Used
Factory Overhead
Total Factory Overhead Total manufactoring costs Total costs of goods in process Cost of good manufactured

2.

Complete the below table to calculate the cost of goods sold for both Garcia Company and Culpepper Company.

Garcia Company					Culpepper Company
Cost of good available for sale
Cost of good sold