An incomplete cost of goods manufactured schedule is presented below Complete th

Question

An incomplete cost of goods manufactured schedule is presented below Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMPANY Cost of Goods Manufactured Schedule Work in process (1/1) Direct materials $219,710 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 164,750 23,370 Direct materials used Direct labor Manufacturing overhead $183,360 Indirect labor Factory depreciation Factory utilities Total overhead 25,340 40,850 74,250 140,440 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 88,650 $544,610

Explanation / Answer

Direct Materials used = Total Raw Materials available for use - Raw Materials inventory (12/31)
$183,360 = Total Raw Materials available for use - $23,370
Total Raw Materials available for use = $206,730

Total Raw Materials available for use = Raw Materials inventory (1/1) + Raw Materials purchases
$206,730 = Raw Materials inventory (1/1) + $164,750
Raw Materials inventory (1/1) = $41,980

Cost of Goods Manufactured = Total Cost of Work in Process - Work in Process (12/31)
$544,610 = Total Cost of Work in Process - $88,650
Total Cost of Work in Process = $633,260

Total Cost of Work in Process = Work in Process (1/1) + Total Manufacturing Costs
$633,260 = $219,710 + Total Manufacturing Costs
Total Manufacturing Costs = $413,550

Total Manufacturing Costs = Direct Materials used + Direct Labor + Manufacturing Overhead
$413,550 = $183,360 + Direct Labor + $140,440
Direct Labor = $89,750

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