Award 3 out of 300 points exercise 18 8 cost of goods

This preview shows page 5 - 9 out of 42 pages.

award: 3 out of 3.00 points Exercise 18-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 [The following information applies to the questions displayed below.] Using the following data, Garcia Company Culpepper Company Beginning finished goods inventory $13,000 $20,000 Beginning goods in process inventory 14,500 18,500 Beginning raw materials inventory 9,000 15,000 Rental cost on factory equipment 27,000 25,500 Direct labor 20,000 37,000 Ending finished goods inventory 20,000 15,500 Ending goods in process inventory 27,000 14,000 Ending raw materials inventory 13,500 13,400 Factory utilities 7,000 12,000 Factory supplies used 11,300 4,400 General and administrative expenses 23,000 46,000 Indirect labor 1,250 7,660 Repairs—Factory equipment 4,780 1,500 Raw materials purchases 38,000 40,000 Sales salaries 45,000 55,000 Section Break Exercise 18-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 Exercise 18-8 Part 1 1. Complete the below table to calculate the cost of goods manufactured for both Garcia Company and Culpepper Company.
$ $ $ $ Garcia Company Culpepper Company Direct materials Beginning raw materials inventory 9,000 15,000 Add: Raw materials purchases 38,000 40,000 Raw materials available for use 47,000 55,000 Less: Ending raw materials inventory 13,500 13,400 Direct materials used 33,500 41,600 Direct labor 20,000 37,000 Factory overhead Rental cost on factory equipment 27,000 25,500 Factory utilities 7,000 12,000 Factory supplies used 11,300 4,400 Indirect labor 1,250 7,660 Repairs—Factory equipment 4,780 1,500 Total factory overhead 51,330 51,060 Total manufacturing costs 104,830 129,660 Add: Beginning goods in process inventory 14,500 18,500 Total cost of goods in process 119,330 148,160 Less: Ending goods in process inventory 27,000 14,000 Cost of goods manufactured 92,330 134,160 Expanded table Learning Objective: 18-P1 Compute cost of goods sold for a manufacturer. Exercise 18-8 Part 1 Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements. Exercise 18-8 Part 1 1. Complete the below table to calculate the cost of goods manufactured for both Garcia Company and Culpepper Company.
$ $ $ $ Garcia Company Culpepper Company Direct materials Beginning raw materials inventory 9,000 15,000 Add: Raw materials purchases 38,000 40,000 Raw materials available for use 47,000 55,000 Less: Ending raw materials inventory 13,500 13,400 Direct materials used 33,500 41,600 Direct labor 20,000 37,000 Factory overhead Rental cost on factory equipment 27,000 25,500 Factory utilities 7,000 12,000 Factory supplies used 11,300 4,400 Indirect labor 1,250 7,660 Repairs—Factory equipment 4,780 1,500 Total factory overhead 51,330 51,060 Total manufacturing costs 104,830 129,660 Add: Beginning goods in process inventory 14,500 18,500 Total cost of goods in process 119,330 148,160 Less: Ending goods in process inventory 27,000 14,000 Cost of goods manufactured 92,330 134,160 Explanation: No further explanation details are available for this problem.
4. award: 3 out of 3.00 points Exercise 18-8 Part 2 2. Complete the below table to calculate the cost of goods sold for both Garcia Company and Culpepper Company.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture