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 $219,850 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 168,100 25,620 $181,420 Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 22,500 43,430 71,150 137,080 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 90,310 $546,760

Explanation / Answer

Schedule of cost of goods manufactured :

Work in process (1/1) 219850 Direct materials Raw material inventory (1/1) 38940 Add: Raw material purchase 168100 Total raw material available for production 207040 Less: Raw material inventory (12/31) 25620 Direct material used 181420 Direct labour 98720 Manufacturing overhead Indirect labour 22500 Factory depreciation 43430 Factory utilities 71150 Total overhead 137080 Total manufacturing costs 417220 Total cost of work in process 637070 Less: Work in process (12/31) 90310 Cost of goods manufactured 546760

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