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
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 For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020 | ||||||
| Work in process (1/1) | $210,000 | |||||
| Direct materials | ||||||
| Raw materials inventory (1/1) | $ | |||||
| Add: Raw materials purchases | 158,000 | |||||
| Total raw materials available for use | ||||||
| Less: Raw materials inventory (12/31) | 22,500 | |||||
| Direct materials used | $180,000 | |||||
| Direct labor | ||||||
| Manufacturing overhead | ||||||
| Indirect labor | 18,000 | |||||
| Factory depreciation | 36,000 | |||||
| Factory utilities | 68,000 | |||||
| Total overhead | 122,000 | |||||
| Total manufacturing costs | ||||||
| Total cost of work in process | ||||||
| Less: Work in process (12/31) | 81,000 | |||||
| Cost of goods manufactured | $540,000 | |||||
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Managerial Accounting
Authors: Susan V. Crosson, Belverd E. Needles
10th edition
1133940595, 978-1133940593
