Question
An incomplete cost of goods manufactured schedule is presented below. Determine missing amounts in cost of goods manufactured schedule . Hobbit Company Cost of Goods
An incomplete cost of goods manufactured schedule is presented below.
Determine missing amounts in cost of goods manufactured schedule.
| Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 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 | ||
Instructions
Complete the cost of goods manufactured schedule for Hobbit Company.
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
