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

Multiple Choice

  • $131,500.

  • Some other amount.

  • $167,500.

  • $145,000.

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Answer #1
Direct material used 50000
Direct labor 22000
Manufacturing overhead 50000
Total manufacturing cost 122000
Beginning WIP 45500
Ending WIP -36000
Cost of goods manufactured 131500

So answer is a) $131500

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