The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co....
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Accounting
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 | $ | 26,000 | |
| Manufacturing overhead costs incurred | $ | 46,500 | |
| Balances in inventory | Sept 30 | Sept 1 | ||||
| Materials | $ | ? | 55,000 | |||
| Work in Process | $ | 35,000 | 51,500 | |||
| Finished Goods | $ | 62,000 | 67,000 | |||
The cost of goods sold in September is:
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