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
Answer- The cost of finished goods manufactured and transferred to Finished Goods in September is= Some other amount (ie-$144200).
Explanation-
| JAXSON MANUFACTURING CO. | |
| SCHEDULE OF COST OF GOODS MANUFACTURED | |
| FOR THE MONTH ENDED SEPTEMBER 30 | |
| PARTICULARS | AMOUNT |
| $ | |
| Direct materials | |
| Opening raw materials | 43200 |
| Add- Purchases | 89000 |
| Less- Ending raw materials | 63000 |
| Raw materials used | 69200 |
| Direct labor | 41000 |
| Manufacturing overhead | 48500 |
| Total Manufacturing costs | 158700 |
| Add- Beginning work in process | 39000 |
| Less- Ending raw work in process | 53500 |
| Cost of goods manufactured | 144200 |
Answer- Total manufacturing costs added to Work in Process during September amount to= $158700.
Explanation-
| JAXSON MANUFACTURING CO. | |
| TOTAL MANUFCATURING COSTS | |
| FOR THE MONTH ENDED SEPTEMBER 30 | |
| PARTICULARS | AMOUNT |
| $ | |
| Direct materials | |
| Opening raw materials | 43200 |
| Add- Purchases | 89000 |
| Less- Ending raw materials | 63000 |
| Raw materials used | 69200 |
| Direct labor | 41000 |
| Manufacturing overhead | 48500 |
| Total Manufacturing costs | 158700 |
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...
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...
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...
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...
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...
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...
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials $ 78,000 Direct materials used $ 65,500 Direct labor costs assigned to production $ 31,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ ? 40,000 Work in Process $ 62,000 56,000 Finished Goods $ 67,000 48,400 Total manufacturing costs charged (debited) to Work in Process...
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials $ 78,000 Direct materials used $ 65,500 Direct labor costs assigned to production $ 31,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ ? 40,000 Work in Process $ 62,000 56,000 Finished Goods $ 67,000 48,400 The total amount of inventory to be included in...
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials $ 78,000 Direct materials used $ 65,500 Direct labor costs assigned to production $ 31,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ ? 40,000 Work in Process $ 62,000 56,000 Finished Goods $ 67,000 48,400 The cost of finished goods manufactured in August is:
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials $ 78,000 Direct materials used $ 65,500 Direct labor costs assigned to production $ 31,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ ? 40,000 Work in Process $ 62,000 56,000 Finished Goods $ 67,000 48,400 The cost of goods sold in August is: