4 Data Section 6 Depreciation equipment 7 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17. 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 19 Answer Section: $30,300 Jackson Manufacturing Schedule of Cost of Goods Manufactured For the Year Ended December 31 24 25 Work in process, 1/1 26 Direct materials 27 Direct materials inventory, 1/1 $91,500 28 Add: Purchases of Materials FORMULA 1 29 Cost of direct materials available $0 31 Less: Direct Material, 12/31 FORMULA 2 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent $76,410 37 Depreciation - Equipment FORMULA 4 38 Indirect Labor FORMULA 5 39 Indirect Material FORMULA 6 40 MFG For the Year Ended December $30,300 5 Work in process, 1/1 5 Direct materials Direct materials inventory, 1/1 Add: Purchases of Materials $91,500 FORMULA 1 Cost of direct materials available 1 Less: Direct Material, 12/31 $0 FORMULA 2 FORMULA 3 642,000 Cost of direct materials used Direct labor 5 Manufacturing overhead: Factory rent Depreciation - Equipment 3 Indirect Labor 3 Indirect Material $76,410 FORMULA 4 FORMULA 5 FORMULA 6 FORMULA 7 1 Total manufacturing costs 3 Total work in process available Less: Work in Process, 12/31 $0 FORMULA 8 Cost of goods manufactured FORMULA 9 U Schedule of Cost of Goods Sold Finished Goods, 1/1 Cost of goods manufactured FORMULA 10 Cost of goods available for sale Less: Finished goods, 12/31 FORMULA 11 172,500 Cost of Goods Sold FORMULA 12