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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 \$ 85,000 Direct materials used \$ 64,400 Direct labor costs assigned to production \$ 26,000 Manufacturing overhead costs incurred \$ 46,500
 Balances in inventory Sept 30 Sept 1 Materials \$ ? 55,000 Work in Process \$ 35,000 51,500 Finished Goods \$ 62,000 67,000

The cost of goods sold in September is:

#### Homework Answers

Answer #1

Ending material inventory = 55000+85000-64400 = 75600

calculate cost of goods sold

 Direct material used 64400 Direct labor 26000 Manufacturing overhead 46500 Total manufacturing cost 136900 Beginning WIP 51500 Total Cost of work in process 188400 Less: Ending WIP -35000 Cost of goods manufactured 153400 Beginning finished goods 67000 Cost of goods available for sale 220400 Less: Ending finished goods -62000 Cost of goods sold 158400
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