Using the following data compute 1 the cost of goods


Question: 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                                     Rossings
                                                                    Company                                   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

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Accounting Basics: Using the following data compute 1 the cost of goods
Reference No:- TGS02331722

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