Exercise 149 An incomplete cost of goods manufactured schedu

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

Solution

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