Exercise 14-9 An incomplete cost of goods manufactured schedule is presented bel

Question

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 Work in process (1/1) Direct materials $215,370 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 164,870 27,100 $183,400 Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 21,960 36,430 71,750 130,140 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured Click if you would like to Show Work for this question 88,810 $545,650 Question Attempts: 0 of 15 usedSAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Cost of goods manufactured schedule :

Work in process (1/1) 215370 Direct material Raw material inventory (1/1) 45630 Add: Raw material purchases 164870 Total raw material available for use 210500 Less: Raw material inventory (12/31) 27100 Direct material used 183400 Direct labour 105550 Manufacturing overhead Indirect labour 21960 Factory depreciation 36430 Factory utilities 71750 Total overhead 130140 Total manufacturing costs 419090 Total cost of work inn process 634460 Less: Work in process (12/31) 88810 Cost of goods manufactured 545650

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