Design Layout ReferencesMalings ReviewViewHelp Title ·M.ILNormal]TNo Spac. Iteid

Question

Design Layout ReferencesMalings ReviewViewHelp Title ·M.ILNormal]TNo Spac. Iteiding 1Heading 2 Font Styles Exercise 14-8 Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017 Pepper Be 164 4.500 Beginning raw materials inventory 19.00 Ending work 5,30 9,00 actory supplies used General and administrative expenses Indirect labor 43,00 3300052,000 46,00 195,030 290010 0,00 Sell Sales Cash net 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company 0

Explanation / Answer

1. Computation of Cost of Goods Manufactured:

2. Computation of Cost of Goods Sold:

Income Statement:

Garcon Company Pepper Company Direct Materials Beginning Raw Materials Inventory 7,250 9,000 Add: Raw Materials Purchases 33,000 52,000 Raw Materials Available for Use 40,250 61,000 Less: Ending Raw Materials Inventory 5,300 7,200 Direct Materials Used 34,950 53,800 Direct Labor 19,000 35,000 Factory Overhead Rental Cost of Factory Equipment 27,000 22,750 Factory Utilities 9,000 12,000 Factory Supplies Used 8,200 3,200 Indirect Labor 1,250 7,660 Repairs: Factory Equipment 4,780 1,500 Total Factory Overhead 50,230 47,110 Total Manufacturing Costs 104,180 135,910 Add: Beginning Work in Process Inventory 14,500 19,950 Total Cost of Work in Process 118,680 155,860 Less: Ending Work in Process Inventory 22,000 16,000 Cost of Goods Manufactured 96,680 139,860

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