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 Company |
Rossings 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 |