Using the following data,
Garcon Company Pepper Company
Beginning finished goods inventory $ 13,900 $ 18,550
Beginning work in process inventory 18,100 21,000
Beginning raw materials inventory 8,500 10,350
Rental cost on factory equipment 34,250 26,800
Direct labor 23,400 39,800
Ending finished goods inventory 17,750 15,100
Ending work in process inventory 26,500 21,000
Ending raw materials inventory 7,400 9,200
Factory utilities 13,800 13,250
Factory supplies used 12,400 5,700
General and administrative expenses 27,500 53,500
Indirect labor 2,300 7,780
Repairs—Factory equipment 7,460 1,950
Raw materials purchases 43,500 61,000
Selling expenses 63,200 57,100
Sales 208,530 292,510
Cash 32,000 16,700
Factory equipment, net 232,500 154,825
Accounts receivable, net 13,800 21,200
1-a. Prepare income statements for both Garcon Company and Pepper Company.
2 Prepare the current assets section of the balance sheet for each company.
Garcon Company Pepper Company
Beginning finished goods inventory $ 13,900 $ 18,550
Beginning work in process inventory 18,100 21,000
Beginning raw materials inventory 8,500 10,350
Rental cost on factory equipment 34,250 26,800
Direct labor 23,400 39,800
Ending finished goods inventory 17,750 15,100
Ending work in process inventory 26,500 21,000
Ending raw materials inventory 7,400 9,200
Factory utilities 13,800 13,250
Factory supplies used 12,400 5,700
General and administrative expenses 27,500 53,500
Indirect labor 2,300 7,780
Repairs—Factory equipment 7,460 1,950
Raw materials purchases 43,500 61,000
Selling expenses 63,200 57,100
Sales 208,530 292,510
Cash 32,000 16,700
Factory equipment, net 232,500 154,825
Accounts receivable, net 13,800 21,200
1-a. Prepare income statements for both Garcon Company and Pepper Company.
2 Prepare the current assets section of the balance sheet for each company.
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