[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.Finished goods inventory, beginningWork in process inventory, beginning.Raw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, ending.Work in process inventory, endingRaw materials inventory, ending.Factory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchases.Selling expensesSalesCashAccounts receivable, netGarconCompany$ 13,00015,00011,00029,75022,40021,20026,8007,6009,600Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper32,00011,3504,94038,00050,800278, 10024,00016,400PepperCompany$ 17,95020,85010,80026,35044,60015,40021,2008,60013,00045,00014,9403,75069,00052,300390,83020,70021,7001. Prepare income statements for both Garcon Company and Pepper Company.2. Prepare the current assets section of the balance sheet for each company.Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 PepperPrepare the income statement for Garcon Company.GARCON COMPANYIncome StatementFor Year Ended December 31Direct laborCost of goods sold:Raw materials inventory, beginningGoods available for saleCost of goods soldNet incomeReg 1 Garcon0$00Req 1 Pepper >

Cost of goods manufactured means total costs incurred in manufacturing activities like direct…

[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 3 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses. Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 13,000 15,000 11,000 29,750 22,400 21,200 26,800 7,600 9,600 32,000 11,350 4,940 Pepper Company 38,000 50,800 $ 17,950 20,850 10,800 26,350 44,600 15,400 21,200 8,600 13,000 45,000 14,940 3,750 69,000 52,300 278,100 390,830 24,000 20,700 16,400 21,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

[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 3 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses. Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 13,000 15,000 11,000 29,750 22,400 21,200 26,800 7,600 9,600 32,000 11,350 4,940 Pepper Company 38,000 50,800 $ 17,950 20,850 10,800 26,350 44,600 15,400 21,200 8,600 13,000 45,000 14,940 3,750 69,000 52,300 278,100 390,830 24,000 20,700 16,400 21,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 11E: The charges to Work in ProcessAssembly Department for a period, together with information concerning...

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