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Using the following data, compute (1) th...
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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.
Company………………………………………………………Canyon …. Rossings
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
Check Canyon COGS, $105,030

Shaw, Ken; Wild, John; Chiappetta, Barbara (2011-12-01). Fundamental Accounting Principles (Page 761). Business And Economics. Kindle Edition.
Exercise-18-9.docx

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.
CompanyCanyon . Rossings
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
RepairsFactory equipment . . . . . . . . . . . . . . . 6,780. 3,500
Raw materials purchases . . . . . . . . . . . . . . . . . . . 35,000 .54,000
Sales salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000. 48,000
Check Canyon COGS, $105,030
Shaw, Ken; Wild, John; Chiappetta, Barbara (2011-12-01). Fundamental Accounting Principles
(Page 761). Business And Economics. Kindle Edition.

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