Question

*Exercise 19-9 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 Manufactured Schedule $214,900 Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases 163,780 Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used 29,040 $183,400 Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 18,990 41,250 73,360 133,600 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 90,640 $541,580

Answer 1

НОВBIT СOMPANY Cost Of Goods Manufactured Schedule Notes Particulars Work In Process Direct Materials Amount($) $2,14,900 Beginning Work in process+Total current manufacturing cost Total cost of work in process Total cost of work in process =Cost of goods sold Ending work in process inventory = $ 541580+90640 $632220 Raw Materials Inventory 48660 add: Raw materials Purchases 163780 Direct materials available for use = Direct Material used Closing inventory of raw materials Total Raw Materials available for use Less: Raw materials inventory Direct materials used Direct Labour Manufacturing overhead = 183400+29040 =$212440 212440 29040 Opening inventory of Raw materilas Total materilas avilable for use Raw materilas purchased $212440-163780 $ 48660 = Total cost of work in process Beginning Work In process $1,83,400 $1,00,320 Total manufacturing Cost =$632220-214900 $417320 Indirect Labour =Total manufacturing cost -Manufacturing Overheads +Direct materials used =$417320-183400-133600 $ 100320 18990 Direct Labour Factory Depreciation 41250 Factory utlities 73360 Total Overhead $1,33,600 Total Manufacturing Costs Total cost of work in process $4,17,320 $6,32,220 less: work in process $90,640 Cost of Goods Sold $5,41,580