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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 $ 89,000

Direct materials used $ 69,200

Direct labor costs assigned to production $ 41,000

Manufacturing overhead costs incurred $ 48,500

Balances in inventory Sept 30 Sept 1

Materials $ ? 63,000

Work in Process $ 39,000 53,500

Finished Goods $ 66,000 71,000

The cost of goods sold in September is:

Multiple Choice a$163,700. b$178,200.

The cost of finished goods manufactured and transferred to Finished Goods in September is:

Multiple Choice aSome other amount. b$212,200.

Total manufacturing costs added to Work in Process during September amount to:

Multiple Choice a$158,700. b$178,500

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Answer #1

Answer- The cost of finished goods manufactured and transferred to Finished Goods in September is= Some other amount (ie-$144200).

Explanation-

JAXSON MANUFACTURING CO.
SCHEDULE OF COST OF GOODS MANUFACTURED
FOR THE MONTH ENDED SEPTEMBER 30
PARTICULARS AMOUNT
$
Direct materials
Opening raw materials 43200
Add- Purchases 89000
Less- Ending raw materials 63000
Raw materials used 69200
Direct labor 41000
Manufacturing overhead 48500
Total Manufacturing costs 158700
Add- Beginning work in process 39000
Less- Ending raw work in process 53500
Cost of goods manufactured 144200

Answer- Total manufacturing costs added to Work in Process during September amount to= $158700.

Explanation-

JAXSON MANUFACTURING CO.
TOTAL MANUFCATURING COSTS
FOR THE MONTH ENDED SEPTEMBER 30
PARTICULARS AMOUNT
$
Direct materials
Opening raw materials 43200
Add- Purchases 89000
Less- Ending raw materials 63000
Raw materials used 69200
Direct labor 41000
Manufacturing overhead 48500
Total Manufacturing costs 158700
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