FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Question 3- Part 1
The following data is provided for Garcon Company and Pepper Company.
Garcon Company | Pepper Company | |||||||
Beginning finished goods inventory | $ | 12,000 | $ | 16,450 | ||||
Beginning work in process inventory | 14,500 | 19,950 | ||||||
Beginning raw materials inventory | 7,250 | 9,000 | ||||||
Rental cost on factory equipment | 27,000 | 22,750 | ||||||
Direct labor | 19,000 | 35,000 | ||||||
Ending finished goods inventory | 17,650 | 13,300 | ||||||
Ending work in process inventory | 22,000 | 16,000 | ||||||
Ending raw materials inventory | 5,300 | 7,200 | ||||||
Factory utilities | 9,000 | 12,000 | ||||||
Factory supplies used | 8,200 | 3,200 | ||||||
General and administrative expenses | 21,000 | 43,000 | ||||||
Indirect labor | 1,250 | 7,660 | ||||||
Repairs—Factory equipment | 4,780 | 1,500 | ||||||
Raw materials purchases | 33,000 | 52,000 | ||||||
Selling expenses | 50,000 | 46,000 | ||||||
Sales | 195,030 | 290,010 | ||||||
Cash | 20,000 | 15,700 | ||||||
Factory equipment, net | 212,500 | 115,825 | ||||||
13,200 | 19,450 | |||||||
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 5 part 1arrow_forward* Question Completion Status: QUESTION 25 The following data (in thousands of dollars) have been taken from the accounting records of Rudy Corporation for the just completed year. Sales $800 Raw materials inventory - beginning $ 60 $70 Raw materials inventory, ending Purchases of raw materials $180 Direct labor $100 Manufacturing overhead $190 Administrative expenses $110 $150 $70 $80 $120 $160 Selling expenses Work in process inventory beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending The net income for the year (in thousands of dollars) was O $190 $390 O $70 O $130 O $310arrow_forward1:43 Recent Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $ 10,000 12,000 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 55,000 45,000 Beginning finished goods inventory Ending finished goods inventory Option A The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option B Option C Option D on ▸my.cbd.edu CBD College www.cbd.edu— Cost of Cost of Goods Materials Used Manufactured $90,000 $92,000 $88,000 $88,000 $92,000 $293,000 $293,000 .LTE $263,000 $293,000 $263,000 Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000arrow_forward
- 1arrow_forward26arrow_forwardQuestion Content Area Laramie Technologies has the following data: Work in process inventory, beginning $45,000 Work in process inventory, ending 32,000 Direct labor costs 56,000 Cost of materials used 50,000 Factory overhead 28,000 Determine the cost of goods manufactured.$fill in the blank 1arrow_forward
- 5 part 2arrow_forwarda3arrow_forwardBeginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =arrow_forward
- D Question 11 A company had a beginning work in process (WIP) inventory balance of $32.900. During the year, $55,100 of direct materials was placed into production Direct labor was $64,400, and Indirect labor was $19,900. Manufacturing overhead is allocated at 140% of direct labor costs. Actual manufacturing overhead was $86,500, and Cost of Goods Manufactured totaled $225,400. What is the ending work in process inventory balance? # $90.160 O $17.160. O $13.500 Ⓒ$187.4460arrow_forwarddsl.3arrow_forward20arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education