Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An incomplete cost of goods manufactured schedule is presented below. Hobbit Company Cost of goods manufactured Schedule For the year ended December 31, 2017 work

An incomplete cost of goods manufactured schedule is presented below.

Hobbit Company

Cost of goods manufactured Schedule

For the year ended December 31, 2017

work in process (1/1) $210,000

Direct Materials

Raw materials inventory (1/1) $ ?

Add: Raw material 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 process ?

Less: Work in process (12/31) $81,000

_________________

Cost of goods manufactured $ 540,000

____________

_____________

Instructions

Complete the cost of goods manufactured schedule for hobbit company

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones Of Cost Accounting

Authors: Don Hansen, Maryanne M. Mowen

1st Edition

053873678X, 978-0538736787

More Books

Students also viewed these Accounting questions