Question
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
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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started