[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, 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 $ 13,300 15,700 11,700 27,750 21,800 21,950 25,600 7,100 13,800 27,500 15,700 6,380 40,000 53,600 284,550 26,000 14,400 Pepper Company $ 18,550 19,500 12,000 25,750 38,600 13,600 19,200 8,600 14,750 43,500 13,920 3,300 55,500 57,400 379,100 17,700 21,950 D Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 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 data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000

The following balances are from the accounts of Tappan Parts:     January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300   $ 24,500   Work-in-process inventory   32,800     29,100   Finished goods inventory   5,800     7,100     Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200.   Required: Prepare a cost of goods sold statement.

Custom Hot Rods, Inc. provided you the January 31, 2021 account balances listed below: Finished Goods Inventory, January 1st Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, January 1st Work In Process Inventory, January 1st Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, January 31st Raw Materials Purchases Work In Process Inventory, January 31st Factory Utilities Expense Direct Labor Raw Materials Inventory, January 31st Sales Returns and Allowances Indirect Labor Account Balances $41,365 14,855 6,440 16,375 14,605 24,224 8,400 65,615 163,520 24,390 16,763 117,915 32,510 21,850 39,140 Instructions Using a proper heading and format, prepare a Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021.

From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460

Kris GmbH has provided the following information regarding their inventories: Total Manufacturing Costs: $781,227 Work-in-Process inventory, Jan 1: $52,821 Work-in-Process inventory, Dec 31: $70,682 Finished Goods inventory, Jan 1: $176,432 Finished Goods inventory, Dec 31: $146,452 What is Cost of Goods Sold for the year?

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Ending $ 31,000 $ 27,000 ? Raw materials. Work in process Finished goods Beginning $ 55,000 ? $ 34,000 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $37,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule…

Learning Objective 3: Explain purchase of treasury stock to fight off a takeoverof the corporation) Krugman Exports, Inc., is located in Clancy, New Mexico. The companydoes business with specialty stores such as Neiman Marcus. Krugman’s recent success hasmade the company a prime target for a takeover. The investment group Creston is attempting tobuy 52% of Krugman’s outstanding stock against the wishes of Krugman’s board of directors.Board members are convinced that Creston would sell the most desirable pieces of the businessand leave little of value. At the most recent board meeting, several suggestions for fighting offthe hostile takeover were made. The one with the most promise is to purchase a huge quantityof treasury stock. Krugman has the cash to carry out this plan.Requirements1. Suppose you are a significant stockholder of Krugman Exports, Inc. Write a memorandumto explain to the board how the purchase of treasury stock would make it difficult for Creston to take over Krugman.…