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Homework answers / question archive / An incomplete cost of goods manufactured schedule is presented below
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HOBBIT COMPANY
Cost of Goods Manufactured Schedule  |
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| Work in process (1/1) | $219,710 | |||||
| Direct materials | ||||||
| Raw materials inventory (1/1) | $
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| Add: Raw materials purchases | 164,750 | |||||
| Total raw materials available for use |
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| Less: Raw materials inventory (12/31) | 23,370 | |||||
| Direct materials used | $183,360 | |||||
| Direct labor |
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| Manufacturing overhead | ||||||
| Indirect labor | 25,340 | |||||
| Factory depreciation | 40,850 | |||||
| Factory utilities | 74,250 | |||||
| Total overhead | 140,440 | |||||
| Total manufacturing costs |
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| Total cost of work in process |
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| Less: Work in process (12/31) | 88,650 | |||||
| Cost of goods manufactured | $544,610 | |||||
|
HOBBIT COMPANY
Cost of Goods Manufactured Schedule |
||||||
| Work in process (1/1) | $219,710 | |||||
| Direct materials | ||||||
| Raw materials inventory (1/1) | $
|
|||||
| Add: Raw materials purchases | 164,750 | |||||
| Total raw materials available for use |
|
|||||
| Less: Raw materials inventory (12/31) | 23,370 | |||||
| Direct materials used | $183,360 | |||||
| Direct labor |
|
|||||
| Manufacturing overhead | ||||||
| Indirect labor | 25,340 | |||||
| Factory depreciation | 40,850 | |||||
| Factory utilities | 74,250 | |||||
| Total overhead | 140,440 | |||||
| Total manufacturing costs |
|
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| Total cost of work in process |
|
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| Less: Work in process (12/31) | 88,650 | |||||
| Cost of goods manufactured | $544,610 | |||||
Explanation:
| Total raw materials available for use: | ||
| Direct materials used | $183,360 | |
| Add: Raw materials inventory (12/31) | 23,370 | |
| Total raw materials available for use | $206,730 | |
($183,360 + $23,370 = $206,730)
(DM used + End. raw mat. = Tot. raw mat. avail. for use)
| Raw materials inventory (1/1): | |||
| Total raw materials available for use: | |||
| Direct materials used | $183,360 | ||
| Add: Raw materials inventory (12/31) | 23,370 | ||
| Total raw materials available for use | 206,730 | ||
| Less: Raw materials purchases | 164,750 | ||
| Raw materials inventory (1/1) | $41,980 | ||
($183,360 + $23,370 - $164,750 = $41,980)
(DM used + End. raw mat. – Raw mat. purch. = Beg. raw mat.)
| Total cost of work in process: | ||
| Cost of goods manufactured | $544,610 | |
| Add: Work in process (12/31) | 88,650 | |
| Total cost of work in process | $633,260 | |
| Total manufacturing costs: | |||
| Total cost of work in process | $633,260 | ||
| Less: Work in process (1/1) | 219,710 | ||
| Total manufacturing costs | $413,550 | ||
| Direct labor: | |||||
| Total manufacturing costs | $413,550 | ||||
| Less: | Total overhead | $140,440 | |||
| Direct materials used | 183,360 | 323,800 | |||
| Direct labor | $89,750 | ||||
[$413,550 – ($140,440 + $183,360) = $89,750]
[Tot. mfg. costs – (Tot. OH + DM used) = DL]
