Required Information [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 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 13,900 Pepper Company $ 17,350 17,900 22,200 10,600 9,450 32,500 25,150 22,200 41,400 Finished goods inventory, ending 18,950 16,300 Work in process inventory, ending 27,100 21,600 Raw materials inventory, ending 6,200 9,800 Factory utilities 14,850 17,500 General and administrative expenses 21,500 47,500 Indirect labor 15,550 12,920 Repairs-Factory equipment 6,980 3,550 Raw materials purchases 42,500 68,000 Selling expenses 51,600 54,700 Sales Cash Accounts receivable, net 290,970 388,850 34,000 18,700 16,800 19,700 1. Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income ✓ $ 17,350 169,120x 0◉ 188,470 < Req 1 Garcon $ 388,850 186,470 202,380 $ 202,380 Req 2 Garcon >
Required Information [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 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 13,900 Pepper Company $ 17,350 17,900 22,200 10,600 9,450 32,500 25,150 22,200 41,400 Finished goods inventory, ending 18,950 16,300 Work in process inventory, ending 27,100 21,600 Raw materials inventory, ending 6,200 9,800 Factory utilities 14,850 17,500 General and administrative expenses 21,500 47,500 Indirect labor 15,550 12,920 Repairs-Factory equipment 6,980 3,550 Raw materials purchases 42,500 68,000 Selling expenses 51,600 54,700 Sales Cash Accounts receivable, net 290,970 388,850 34,000 18,700 16,800 19,700 1. Prepare Income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income ✓ $ 17,350 169,120x 0◉ 188,470 < Req 1 Garcon $ 388,850 186,470 202,380 $ 202,380 Req 2 Garcon >
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...
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