xercise 1-9 An incomplete cost of goods manufactured schedule is presented below
ID: 2412494 • Letter: X
Question
xercise 1-9
An incomplete cost of goods manufactured schedule is presented below.
Complete the cost of goods manufactured schedule for Hobbit Company.
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2017For the Month Ended December 31, 2017December 31, 2017
Work in process (1/1) $215,960 Direct materials Raw materials inventory (1/1) $ Add: Raw materials purchases 163,890 Total raw materials available for use Less: Raw materials inventory (12/31) 22,350 Direct materials used $188,340 Direct labor Manufacturing overhead Indirect labor 18,220 Factory depreciation 39,150 Factory utilities 76,620 Total overhead 133,990 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 87,360 Cost of goods manufactured $546,180Explanation / Answer
Cost of goods manufactured schedule for Hobbit Company.
HOBBIT COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2017For the Month Ended December 31, 2017December 31, 2017
Work in process (1/1)
$215,960
Direct materials
Raw materials inventory (1/1)
$
46,800
Add: Raw materials purchases
163,890
Total raw materials available for use
210,690
Less: Raw materials inventory (12/31)
22,350
Direct materials used
$188,340
Direct labor
95,250
Manufacturing overhead
Indirect labor
18,220
Factory depreciation
39,150
Factory utilities
76,620
Total overhead
133,990
Total manufacturing costs
417,580
Total cost of work in process
633,540
Less: Work in process (12/31)
87,360
Cost of goods manufactured
$546,180
Total raw materials available for use
= Direct materials used + Raw materials inventory (12/31)
= $188,340 + 22,350
= 210,690
Raw materials inventory (1/1)
= Total raw materials available for use - Raw materials purchases
= 210,690 - 163,890
= 46,800
Total cost of work in process
= Cost of goods manufactured + Work in process (12/31)
= $546,180 + 87,360
= 633,540
Total manufacturing costs
= Total cost of work in process – Work in process (1/1)
= 633,540 - $215,960
= 417,580
Direct labor
= Total manufacturing costs – (Total overhead + Direct materials used)
= 417,580 – (133,990 + $188,340 )
= 95,250
HOBBIT COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2017For the Month Ended December 31, 2017December 31, 2017
Work in process (1/1)
$215,960
Direct materials
Raw materials inventory (1/1)
$
46,800
Add: Raw materials purchases
163,890
Total raw materials available for use
210,690
Less: Raw materials inventory (12/31)
22,350
Direct materials used
$188,340
Direct labor
95,250
Manufacturing overhead
Indirect labor
18,220
Factory depreciation
39,150
Factory utilities
76,620
Total overhead
133,990
Total manufacturing costs
417,580
Total cost of work in process
633,540
Less: Work in process (12/31)
87,360
Cost of goods manufactured
$546,180
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