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Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 3 Direct materials Direct materials inventory, 1/1 $91,500 645,180 Add: Purchases of Materials Cost of direct materials available $736,680 Less: Direct Material, 12/31 5 Cost of direct materials used 5 Direct labor 7 Manufacturing overhead: Factory rent Depreciation - Equipment $643,680 642,000 $76,410 Indirect Labor Indirect Material - 3 Total manufacturing costs Work in process, 1/1 FORMULA7 30,300 Total work in process available Less: - $0 FORMULA8 Work in Process, 12/31 9Cost of goods manufactured Finished Goods, 1/1 FORMULA9 FORMULA10 Cost of goods available for sale Less: 3 Finished goods, 12/31 FORMULA11 4 172,500 5 Cost of Goods Sold

Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 3 Direct materials Direct materials inventory, 1/1 $91,500 645,180 Add: Purchases of Materials Cost of direct materials available $736,680 Less: Direct Material, 12/31 5 Cost of direct materials used 5 Direct labor 7 Manufacturing overhead: Factory rent Depreciation - Equipment $643,680 642,000 $76,410 Indirect Labor Indirect Material - 3 Total manufacturing costs Work in process, 1/1 FORMULA7 30,300 Total work in process available Less: - $0 FORMULA8 Work in Process, 12/31 9Cost of goods manufactured Finished Goods, 1/1 FORMULA9 FORMULA10 Cost of goods available for sale Less: 3 Finished goods, 12/31 FORMULA11 4 172,500 5 Cost of Goods Sold

FINANCIAL ACCOUNTING
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
Transcribed Image Text: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
Transcribed Image Text: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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