Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Canyon Company and Rossings Company Company Canyon Rossings Beginning finished goods inventory $14,000 $18,450 Beginning goods in process inventory 16,500 21,950 Beginning raw materials inventory 9,250 11,000 Rental cost on factory equipment 29,000 24,750 Direct labor 21,000 37,000 Ending finished goods inventory 19,650 15,300 Ending goods in process inventory 24,000 18,000 Ending raw materials inventory 7,300 9,200 Factory utilities 11,000 14,000 Factory supplies used 10,200 5,200 General and administrative expenses 23,000 45,000 Indirect labor 3,250 9,660 Repairs Factory equipment 6,780 3,500 Raw materials purchases 35,000 54,000 Sales salaries 52,000 48,000 Check Canyon COGS, $105,030 Shaw, Ken Wild, John Chiappetta, Barbara (2011 12 01) Fundamental Accounting Principles (Page 761) Business And Economics Kindle Edition Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Canyon Company and Rossings Company Company Canyon Rossings Beginning finished goods inventory $14,000 $18,450 Beginning goods in process inventory 16,500 21,950 Beginning raw materials inventory 9,250 11,000 Rental cost on factory equipment 29,000 24,750 Direct labor 21,000 37,000 Ending finished goods inventory 19,650 15,300 Ending goods in process inventory 24,000 18,000 Ending raw materials inventory 7,300 9,200 Factory utilities 11,000 14,000 Factory supplies used 10,200 5,200 General and administrative expenses 23,000 45,000 Indirect labor 3,250 9,660 RepairsFactory equipment 6,780 3,500 Raw materials purchases 35,000 54,000 Sales salaries 52,000 48,000 Check Canyon COGS, $105,030 Shaw, Ken Wild, John Chiappetta, Barbara (2011 12 01) Fundamental Accounting Principles (Page 761) Business And Economics Kindle Edition

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Canyon Company and Rossings Company.

Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Canyon Company and Rossings Company. Company?????????????????????Canyon ?. Rossings Beginning finished goods inventory . . . . . . . . . . $14,000?. $18,450 Beginning goods in process inventory . . . . . . . . 16,500?. 21,950 Beginning raw materials inventory . . . . . . . . . . . 9,250 ?.11,000 Rental cost on factory equipment . . . . . . . . . . . 29,000 ?.24,750 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000 ?.37,000 Ending finished goods inventory . . . . . . . . . . . . 19,650 ?.15,300 Ending goods in process inventory . . . . . . . . . . 24,000 ?.18,000 Ending raw materials inventory . . . . . . . . . . . . . 7,300 ?.9,200 Factory utilities . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000?. 14,000 Factory supplies used . . . . . . . . . . . . . . . . . . . . . 10,200 ?.5,200 General and administrative expenses . . . . . . . . 23,000?. 45,000 Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250?. 9,660 Repairs?Factory equipment . . . . . . . . . . . . . . . 6,780?. 3,500 Raw materials purchases . . . . . . . . . . . . . . . . . . . 35,000 ?.54,000 Sales salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000?. 48,000 Check Canyon COGS, $105,030 Shaw, Ken; Wild, John; Chiappetta, Barbara (2011-12-01). Fundamental Accounting Principles (Page 761). Business And Economics. Kindle Edition. image text in transcribed

Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Canyon Company and Rossings Company. Company...............................................................Canyon .... Rossings Beginning finished goods inventory . . . . . . . . . . $14,000.... $18,450 Beginning goods in process inventory . . . . . . . . 16,500.... 21,950 Beginning raw materials inventory . . . . . . . . . . . 9,250 ....11,000 Rental cost on factory equipment . . . . . . . . . . . 29,000 ....24,750 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000 ....37,000 Ending finished goods inventory . . . . . . . . . . . . 19,650 ....15,300 Ending goods in process inventory . . . . . . . . . . 24,000 ....18,000 Ending raw materials inventory . . . . . . . . . . . . . 7,300 ....9,200 Factory utilities . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000.... 14,000 Factory supplies used . . . . . . . . . . . . . . . . . . . . . 10,200 ....5,200 General and administrative expenses . . . . . . . . 23,000.... 45,000 Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250.... 9,660 RepairsFactory equipment . . . . . . . . . . . . . . . 6,780.... 3,500 Raw materials purchases . . . . . . . . . . . . . . . . . . . 35,000 ....54,000 Sales salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000.... 48,000 Check Canyon COGS, $105,030 Shaw, Ken; Wild, John; Chiappetta, Barbara (2011-12-01). Fundamental Accounting Principles (Page 761). Business And Economics. Kindle Edition