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An incomplete cost of goods manufactured schedule is presented below
An incomplete cost of goods manufactured schedule is presented below.
Complete the cost of goods manufactured schedule for Hobbit Company.
Complete the cost of goods manufactured schedule for Hobbit Company.
|
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 |
|
|||||
| Total cost of work in process |
|
|||||
| Less: Work in process (12/31) | 88,650 | |||||
| Cost of goods manufactured | $544,610 | |||||
Expert Solution
|
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 |
|
|||||
| Total cost of work in process |
|
|||||
| 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]
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