M&J Bakery Inc. opened for business on January 1^st 20XX as planned. During the month of January the business purchased and used 200 lbs. of flour, 200 lbs. of sugar, 67 dozen eggs, 20 baking soda boxes, 200 lbs. of butter, 100 lbs. of raisins, 50 bottles of rum, and other ingredients (one box of each for a total of four) all from one supplier on account. Manufacturing overhead is applied to production at $4per cake. Mary purchased the oven using the start-up capital and paid all salaries. Her nieces worked 300 hours in total for the month. January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end. The supplier was paid at the month end.

Required: Document M&J Bakery Inc January transactions using T-accounts (round all calculations to 2 decimal places) All other costs such as utilities, must be accounted for in the T-accounts (assume such transactions where applicable, are paid in cash).

Bal. Revenue Materiaks Salaries 0 Cash Register End Bal. Raw Materials Inventory Work in Process Inventory 0 Finished Goods Inwentory Bal. Flour Baking Soda Sugar Direct Materials usedBal. Cost of Goods Manuf Bal COGM End Bal. Cost of Go Direct M Direct L MOH End Bal. 0 Butter Raisins other End Bal. 0 Accummulated Depreciation Salary Payable 0 0 Bal. Bal. Salary Expense Depreciation 0 End Bal. Nieces Accountant End Bal. Sales 0 End Bal. Manufacturing Overhead Cost of Goods Sold Estimated MOH Bal. Cost of Goods Sold Bal. 0 End Bal. 0 End Bal. 0 Selling and Administrative Expenses Bal. 0 End Bal. 0 Standard per Cake tem and Ingredients Cost $6,000 (depreciated over 5 years on a SL basis. No salvage vakue) $0 (provided by the landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen S15 per 25 pounds bag $6 per 14 pound boix $6.50 per 4 pounds $8 per 2 pounds Conventional oven Refigerator Baking pans, licenses Baking flour 1 pound 4 ety* 1 pound Sugar Baking Soda Butter Rasins 1 pound 1/2 pound Others (currants, diced date, Mitmeg. molasses) Cash register Rum (akohol) Utilities fincludes gas, electric and water) Mobile phone {business) Salary Keisha Salary - nieces Salary - aunt Accountant Estimated MOH $30 for all 4 boxes per month 12 per month (rental for 2 years) $12 per bottle 1/4 qtr of bottle per month per month per month $8 per hour $100 per month $100 per month $4 per cake 1 person 1.5 hours per cake