Hi, i wanted to see if anyone can help me with problem. When solved, please do it the same way i sent it. With the same cells it was made in. The chart and missing (formula) needs to be solved and explained. I need help step by step on how to do the formulas thats what i need help with. Please please it'll help a student in need. For example if cell 18 is work in process 1/1. When solved, it has to be in the same cell so i can comprehend it. Someone else sent it to me and everything was in different cells so i need it to make sense and how to use the formula correctly to get the answers. Please. I know its a lot to ask but its how i can learn. 6 Data Section:8 Depreciation-equipment9 Direct labor10 Direct materials inventory, 1/111 Direct materials inventory, 12/3112 Factory rent13 Finished goods, 1/114 Finished goods, 12/3115 Indirect labor16 Indirect materials17 Purchases of direct materials18 Work in process, 1/119 Work in process, 12/31$45,000642,00091,50093,00076,410132,000172,50037,50026,250645,18030,30028,6652021 22 Answer Section:2324Jackson Manufacturing25Schedule of Cost of Goods Manufactured and Sold26For the Year Ended December 312728 Direct materialsDirect materials inventory, 1/1$91,500645,1802930Add:Purchases of Materials31Cost of direct materials availableDirect Material, 12/3132$736,68033Less:0.3435 Cost of direct materials used36 Direct labor37 Manufacturing overhead:38 Factory rentDepreciation - Equipment$643,680642,000$76,4103940Indirect Labor41Indirect Material4243 Total manufacturing costsWork in process, 1/1FORMULA74430,30045Total work in process availableWork in Process, 12/3146$0FORMULA847Less:4849 Cost of goods manufacturedFinished Goods, 1/150FORMULA951FORMULA1052Cost of goods available for saleLess:53Finished goods, 12/31FORMULA1154172,50055 Cost of Goods Sold5657

For calculating the missing value , I have tried to make a note for every formula . Hope this answer…

Answered: Jackson Manufacturing Schedule of Cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hi, i wanted to see if anyone can help me with problem. When solved, please do it the same way i sent it. With the same cells it was made in. The chart and missing (formula) needs to be solved and explained. I need help step by step on how to do the formulas thats what i need help with. Please please it'll help a student in need. For example if cell 18 is work in process 1/1. When solved, it has to be in the same cell so i can comprehend it. Someone else sent it to me and everything was in different cells so i need it to make sense and how to use the formula correctly to get the answers. Please. I know its a lot to ask but its how i can learn.

6 Data Section:
8 Depreciation-equipment
9 Direct labor
10 Direct materials inventory, 1/1
11 Direct materials inventory, 12/31
12 Factory rent
13 Finished goods, 1/1
14 Finished goods, 12/31
15 Indirect labor
16 Indirect materials
17 Purchases of direct materials
18 Work in process, 1/1
19 Work in process, 12/31
$45,000
642,000
91,500
93,000
76,410
132,000
172,500
37,500
26,250
645,180
30,300
28,665
20
21

22 Answer Section:
23
24
Jackson Manufacturing
25
Schedule of Cost of Goods Manufactured and Sold
26
For the Year Ended December 31
27
28 Direct materials
Direct materials inventory, 1/1
$91,500
645,180
29
30
Add:
Purchases of Materials
31
Cost of direct materials available
Direct Material, 12/31
32
$736,680
33
Less:
0.
34
35 Cost of direct materials used
36 Direct labor
37 Manufacturing overhead:
38 Factory rent
Depreciation - Equipment
$643,680
642,000
$76,410
39
40
Indirect Labor
41
Indirect Material
42
43 Total manufacturing costs
Work in process, 1/1
FORMULA7
44
30,300
45
Total work in process available
Work in Process, 12/31
46
$0
FORMULA8
47
Less:
48
49 Cost of goods manufactured
Finished Goods, 1/1
50
FORMULA9
51
FORMULA10
52
Cost of goods available for sale
Less:
53
Finished goods, 12/31
FORMULA11
54
172,500
55 Cost of Goods Sold
56
57

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