Required information Use the following information for the E

Required information

Use the following information for the Exercises below.

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

The following data is provided for Garcon Company and Pepper Company.

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

Required:
1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017.
2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

Required 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017.

Required 2:.

Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

	Garcon Company		Pepper Company
Beginning finished goods inventory		$	12,100			$	17,950
Beginning work in process inventory			19,000				23,100
Beginning raw materials inventory			11,700				10,050
Rental cost on factory equipment			28,750				25,900
Direct labor			20,600				37,400
Ending finished goods inventory			20,600				13,100
Ending work in process inventory			22,900				21,600
Ending raw materials inventory			6,800				9,200
Factory utilities			10,650				14,000
Factory supplies used			11,500				5,100
General and administrative expenses			31,500				56,000
Indirect labor			2,350				8,680
Repairs—Factory equipment			7,340				3,750
Raw materials purchases			37,000				63,500
Selling expenses			57,200				48,100
Sales			204,030				327,510
Cash			22,000				21,700
Factory equipment, net			232,500				148,825
Accounts receivable, net			15,800				24,950
Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 Required: 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

Solution

Garcon Pepper Company Company Direct Materials: Beginning raw materials inventory 11,700 10,050 Raw material purchased 37,000 63,500 Raw materials available for use 48,700 73,550 less:ending raw materials inventory 6,800 9,200 Direct materials used 41,900 64,350 Direct labor 20,600 37,400 Factory overhead Rental cost on factory Equipment 28,750 25,900 Factory utilities 10,650 14,000 Factory supplies used 11,500 5,100 indirect labor 2,350 8,680 Repairs-factory equipment 7,340 3,750 total factory overhead 60,590 57,430 total manufacturing cost 123,090 159,180 Add:Beginning work in process inventory 19,000 23,100 total cost of work in process 142,090 182,280 less:Ending work in process inventory 22,900 21,600 cost of goods manufactured 119,190 160,680 Garcon Pepper Company Company Beginning finisehd goods inventory 12,100 17,950 cost of goods manufactured 119,190 160,680 cost of goods available for sale 131,290 178,630 less finished goods ivnentory 20,600 13,100 cost of goods sold 110,690 165,530