Since Jamie was not paying much attention to the discussion on journal entries in her one accounting class, she does not understand the T-accounts that you provided. However, she heard through her accountant that there is a manufacturing report that would provide her with the same information as the T-accounts and is more user- friendly. She believes that the report is called the Statement of Cost of Goods Manufactured. Required: Prepare the Statement of Cost of Goods Manufactured for January. Also, prepare an Income Statement for the month of January. (Check out page 142 in your textbook for help!) TABLE 1: COST INFORMATION Item and Ingredients Conventional oven Refrigerator Baking pans, licenses Baking flour Eggs Sugar Baking soda Butter Raisins Others (currants, diced date, nutmeg, molasses) Cash Register Rum (alcohol) Utilities (includes gas, electric, and water) Mobile phone (business) Salary - Jamie Salary - nieces Salary - aunt Accountant Estimated MOH Cost $6,000 (depreciated over 5 years on a SL basis; no salvage value) $0 (provided by landlord) $0 (paid for by dad) $24 per 8 pounds bag $2 per dozen $15 per 25 pounds bag $6 per 14 pounds box $6.50 per 4 pounds $8 per 2 pounds $30 for all 4 boxes per month $12 per month (rental for 2 years $12 per bottle $50 per month $50 per month $500 per month $8 per hour $100 per month $100 per month $4.00 per cake Standard per Cake n/a n/a 1 pound 4 eggs 1 pound 1 pound pound 14 qtr of bottle 1 person 1.5 hours per cake J&J Bakery Inc. opened for business on January 1, 2015 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar, 67 dozen eggs, 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisins, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account. Manufacturing overhead is applied during production of the cakes at a rate of $4.00 per cake. Jamie 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 by making the appropriate journal entry to the Cost of Goods Sold Account. The supplier was paid at month end. Required: Document J&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 - presume such transactions where applicable, are paid in cash.