Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMP
ID: 2525346 • Letter: C
Question
Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMPANY Cost of Goods Manufactured Schedule Work in process (1/1) Direct materials $210,000 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 158,000 22,500 $180,000 Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 18,000 36,000 68,000 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 81,000 $540,000Explanation / Answer
Calculations: 1) Calculation of total cost of work in process: Total cost of work in process= Cost of goods manufactured+work in process = 540000+81000=$621000 Total cost of work in process=$621000 2) Calculation of direct labour: Direct labor= Total cost of work in process-work in process(1/1)-direct material-total overhead = 621000-210000-180000-122000=$109000 Direct labor=$109000 3)Total manufacturing cost= Direct materials+direct labor+Total overhead =180000+109000+122000=$411000 Total manufacturing cost=$411000 4) Calculation of total raw material available for use Total raw material available for use=Direct material used+raw material inventory (12/31) = 180000+22500=$202500 Total raw material available for use=$202500 5) calculation of Raw materials inventory(1/1): Raw material inventory(1/1)=total raw material available for use -raw material purchase =202500-158000=$44500
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