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Question - Cost of goods manufactured and cost of goods sold computation
Using the following data from both Garcon Company and Pepper Company for the year ended December 31, 2019, compute (1) the cost of goods manufactured and (2) the cost of goods sold.
Garcon Co.
Pepper Co.
Beginning finished goods inventory
$12,000
$16,450
Beginning work in process inventory
14,500
19,950
Beginning raw materials inventory (direct martial)
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
12,000
Factory supplies used (indirect materials)
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
Accounts receivable, net
13,200
19,450
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