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O WileyPLUS A edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MyWileyPLUS | Help I Contact Us | Log Out WileyPLUS Financial & Managerial Accounting (ACCT 2100 & 2110) Weygandt, Financial & Managerial Accounting, 2e Assignment Gradebook ORION Downloadable eTextbook Read, Study & Practice Home Assignment > Open Assignment ( BACK FULL SCREEN PRINTER VERSION NEXT Work in process (1/1) $210,000 ASSIGNMENT RESOURCES Chapter 15 HW M Exercise 15-1 Direct materials Raw materials inventory (1/1) Multiple Choice O $. Question 39 E Exercise 15-2 Exercise 15-4 Exercise 15-8 * Exercise 15-9 Add: Raw materials purchases 158,000 Total raw materials available for use 22500 wwww Less: Raw materials inventory (12/31) 22,500 Direct materials used $180,000 Review Score Review Results by Study Objective Direct labor Manufacturing overhead 18,000 Indirect labor Factory depreciation 36,000 68,000 Factory utilities 122,000 Total overhead Total manufacturing costs Total cost of work in process 22500 wwwwwww Less: Work in process (12/31) 81,000 $540,000 Cost of goods manufactured LINK Tο ΤEX VIDEO: APPLIED SKILLS Question Attempts: 1 of 5 used SAVE FOR LATER SUBMIT ANSWER License | Privacy Policy | © 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Agreement Version 4.24.18.1

Answer 1

Solution:

Hobbit Company
Schedule of cost of goods manufactured
For the year ended December 31, 2017
Work in process 1/1			$2,10,000
Direct Materials:
Raw Materials inventory (1/1)	$44,500
Add: raw materials Purchases	$1,58,000
Total Raw materials available for use	$2,02,500
Less: Raw Materials inventory (12/31)	$22,500
Direct Materials used		$1,80,000
Direct labor		$1,09,000
Manufacturing Overhead:
Indirect labor	$18,000
Factory depreciation	$36,000
Factory Utilities	$68,000
Total Overhead		$1,22,000
Total Manufacturing costs			$4,11,000
Total cost of Work in process			$6,21,000
Less: Work in pricess (12/31)			$81,000
Cost of Goods Manufactured			$5,40,000