Exercise 14-9

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 Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017
Work in process (1/1)						$211,850
Direct materials
Raw materials inventory (1/1)	( )	$
Add: Raw materials purchases		162,990
Total raw materials available for use	( )
Less: Raw materials inventory (12/31)		27,940
Direct materials used				$190,340
Direct labor		( )
Manufacturing overhead
Indirect labor		27,410
Factory depreciation		44,040
Factory utilities		69,050
Total overhead				140,500
Total manufacturing costs						( )
Total cost of work in process						( )
Less: Work in process (12/31)						84,660
Cost of goods manufactured						$550,400