Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 [The...

Exercise 14-8 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,

	Garcon Company			Pepper Company
Beginning finished goods inventory		$	9,000	$	23,500
Beginning work in process inventory			19,000		21,000
Beginning raw materials inventory			8,000		9,000
Rental cost on factory equipment			33,000		23,500
Direct labor			15,000		39,000
Ending finished goods inventory			19,500		16,000
Ending work in process inventory			24,000		19,000
Ending raw materials inventory			14,800		13,400
Factory utilities			14,000		12,000
Factory supplies used			11,600		6,400
General and administrative expenses			25,000		48,000
Indirect labor			1,250		7,660
Repairs—Factory equipment			4,780		1,500
Raw materials purchases			37,000		50,000
Selling expenses			50,000		46,000
Sales			195,030		290,010
Cash			20,000		15,700
Factory equipment, net			212,500		115,825
Accounts receivable, net			13,200		19,450

References

Section BreakExercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2

value:
3.12 points

Required information

Exercise 14-8 Part 1

1.	Complete the below table to calculate the cost of goods manufactured for both Garcon Company and Pepper Company. 2, Complete the below table to calculate the cost of goods sold for both Garcon Company and Pepper Company.

Solutions

Expert Solution

Answer 1:

Answer 2:

ekkarill92 answered 9 months ago

Next > < Previous

Related Solutions

Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2...

Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2 Beck Manufacturing reports the information below for 2017. Raw Materials Inventory Begin. Inv. 12,500 Purchases 55,000 Avail. for use 67,500 DM used 49,000 End. Inv. 18,500 Work in Process Inventory Begin. Inv. 17,400 DM used 49,000 Direct labor 31,700 Overhead 61,000 Avail. for mfg. 159,100 Cost of goods mfg 146,300 End. Inv. 12,800 Finished Goods Inventory Begin. Inv. 21,400 Cost of goods mfg 146,300...

the computation of cost of goods manufactured on the income statement IS . (ASSUME THERE ARE...

the computation of cost of goods manufactured on the income statement IS . (ASSUME THERE ARE NO WORK-IN- PROCESS INVENTORY)

Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...

Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000...

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of...

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? Multiple Choice Cost of goods manufactured = Total manufacturing costs + Beginning finished goods inventory – Ending finished goods inventory Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory – Ending work in process inventory Cost of goods manufactured = Total manufacturing costs + Ending work in process...

Problem Set A p. 59 P2-1A. Schedule of Cost of Goods Manufactured and Sold The Following...

Problem Set A p. 59 P2-1A. Schedule of Cost of Goods Manufactured and Sold The Following amounts are available for 2019 for Bourne Manufacturing Company: Administrative salaries (non-factory)…………………………………………………………………………………………$70,000 Administrative rent (non-factory)…………………………………………………………………………………………….35,000 Advertising and promotion expense………………………………………………………………………………………..41,000 Depreciation-administrative……………………………………………………………………………………………………22,000 Depreciation-factory……………………………………………………………………………………………………………..30,000 Depreciation-selling………………………………………………………………………………………………………………17,000 Direct labor…………………………………………………………………………………………………………………………..175,000 Factory rent…………………………………………………………………………………………………………………………18,000 Factory supplies used………………………………………………………………………………………………………….12,000 Finished goods inventory (January 1)………………………………………………………………………………….57,000 Finished goods Inventory (December 31)…………………………………………………………………………..50,000 Indirect materials used………………………………………………………………………………………………………14,000 Indirect labor………………………………………………………………………………………………………………………19,000 Materials inventory (January 1)………………………………………………………………………………………….15,000 Materials inventory (December 31)……………………………………………………………………………………..20,000 Net delivered cost of materials purchased…………………………………………………………………………….138,000 Other factory overhead……………………………………………………………………………………………………………26,000 Sales………………………………………………………………………………………………………………………………………845,000 Sales Salaries...

Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare...

Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,930 Direct labor $ 58,300 Manufacturing overhead applied to work in process $ 88,200 Underapplied overhead $ 4,160 Inventories Beginning Ending Raw materials $ 10,100 $ 19,700 Work in process $ 55,100 $ 68,300 Finished goods $ 33,200 $ 42,900 Required:...

Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...

Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 657,000 Direct labor cost $ 85,000 Raw material purchases $ 131,000 Selling expenses $ 100,000 Administrative expenses $ 48,000 Manufacturing overhead applied to work in process $ 204,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning Ending Raw materials $ 8,400 $ 10,500 Work...

Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)...

Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 Work in process 120,000 115,000 Finished goods 170,000 165,000 During 20x1, the company purchased $240,000 of raw material and spent...

Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold The following...

Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold The following cost and inventory data for the year just completed are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense ...........................$100,000 Direct labour cost ..................................$80,000 Purchases of raw materials ................$137,000 Rent, factory building ............................$80,000 Indirect labour .......................................$56,300 Sales commissions................................$35,000 Utilities, factory ........................................$9,000 Maintenance, factory equipment ...........$24,000 Supplies, factory ........................................ $700 Depreciation, office equipment.................$8,000 Depreciation, factory equipment ............$40,000 Beginning End of...

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold...

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold and Income Statement; this ie the jouranl entries Pre-determined manufacturing overhead rate = Total estimated manufacturing overheads / Estimated direct labor hours = = $3600/12 hours = $300 per direct labor hour Step 2: Cost Sheet Job # 1 Direct materials $ Table top 2000 Legs ($650 x 4) 2600 Drawer 0 4600 Direct labor cost @ $20 per hour (3x2x$30) 180 Manufacturing overheads...

Subjects