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The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for...

The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30:

Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed.

Purchases of direct materials $ 73,000
Direct materials used $ 50,000
Direct labor costs assigned to production $ 22,000
Manufacturing overhead costs incurred $ 50,000

Balances in inventory Sept 30 Sept 1
Materials $ ? 45,000
Work in Process $ 36,000 45,500
Finished Goods $ 40,000 75,000

The cost of goods sold in September is:

Multiple Choice

  • $150,000.

  • $157,000.

  • Some other amount.

  • $166,500.

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Answer #1

Answer: $166,500

Explanation

Jaxson Manufacturing Co.
COST OF GOODS MANUFACTURED SCHEDULE
$ $
Work in process inventory, Sept 1    45,500.00
Direct materials:
Raw materials inventory, Sept 1                 -  
Add: Raw materials purchases       73,000.00
Raw materials available for use       73,000.00
Less: Raw materials inventory, Sept 30     (45,000.00)
Direct materials used       50,000.00
Direct labor       22,000.00
Manufacturing overhead       50,000.00
Total manufacturing costs 122,000.00
Total cost of work in process 167,500.00
Less: Work in process inventory, Sept 30 (36,000.00)
Cost of goods manufactured 131,500.00
Jaxson Manufacturing Co.
Schedule of cost of goods sold
$
Finished Goods, Sept.1       75,000.00
Add: Cost of goods manufactured     131,500.00
Cost of goods available for sale     206,500.00
Less: Finished Goods, Sept.30     (40,000.00)
Cost of goods sold 166,500.00
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