Reference no: EM131536169
Question: Using the following data, compute (1) the cost of goods manufactured and (2) the cost of goods sold for both Canyon Company and Rossings Company.
Canyon Rossings
Company Company
Beginning finished goods inventory . . . . . . . . . . $14,000 $18,450
Beginning goods in process inventory . . . . . . . . 16,500 21,950
Beginning raw materials inventory . . . . . . . . . . . 9,250 11,000
Rental cost on factory equipment . . . . . . . . . . . 29,000 24,750
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000 37,000
Ending finished goods inventory . . . . . . . . . . . . 19,650 15,300
Ending goods in process inventory . . . . . . . . . . 24,000 18,000
Ending raw materials inventory . . . . . . . . . . . . . 7,300 9,200
Factory utilities . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000 14,000
Factory supplies used . . . . . . . . . . . . . . . . . . . . . 10,200 5,200
General and administrative expenses . . . . . . . . 23,000 45,000
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250 9,660
Repairs-Factory equipment . . . . . . . . . . . . . . . 6,780 3,500
Raw materials purchases . . . . . . . . . . . . . . . . . . . 35,000 54,000
Sales salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000 48,000