HOBBIT COMPANY

Cost of Goods Manufactured Schedule

For the Year Ended December 31, 2017

Work in process (1/1)$211,000

Direct materials

Raw materials inventory (1/1)$

Add: Raw materials purchases159,000

Total raw materials available for use

Less: Raw materials inventory (12/31)22,100

Direct materials used$181,000

Direct labor

Manufacturing overhead

Indirect labor18,100

Factory depreciation36,100

Factory utilities68,100

Total overhead122,300

Total manufacturing costs

Total cost of work in process

Less: Work in process (12/31)81,100

Cost of goods manufactured$541,000