Question

Fill in all the blanks and shows the math for them please!

Kimmel, Accounting, Ge 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 Manufactured Schedule For the Year Ended December 31, 2017 Work in process (1/1) Direct materials $211,790 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 161,290 24,130 Direct materials used Direct labor Manufacturing overhead $187,540 Indirect labor Factory depreciation Factory utilities Total overhead 21,060 36,940 76,380 134,380 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: Open Show Work 84,050 $549,950 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instr ere to search 99+

Then problem 2 is using this data and please show work.

Answer 1

Table 1 with missing figure

Work in Progress (1/1)			$ 211790
Direct materials
Raw Material Inventory(1/1) {from 1(b)}	$ 50380
Add: Raw Material Purchase	161290
Total raw material available for use	$ 211670
Less: Raw Material inventory (12/31)	24130
Direct material used		$ 187540
Direct Labor { from 4}		$ 100290
Manufacturing overhead		$ 134380
Total Manufacturing Cost { From 3}			$ 422210
Total cost of work in progress { From 2}			$ 634000
Less: Work in progress (12/31)			$ 84050
Cost of goods manufactured			$ 549950

Notes:

1. Direct Material:-
   1. Total raw material available for use:

Direct material (DM) used = Total raw material available for use – raw material inventory (12/31)

Or $ 187540 = Total raw material available for use - $ 24130

Or $ 187540 + $ 24130 = Total raw material available for use

Or Total raw material available for use = $ 211670

2. Direct material inventory (1/1):

Total raw material available for use = Raw material inventory (1/1) + Raw material Purchase

Or $ 211670 = Raw Material inventory (1/1)+ $ 161290 [Note: Total raw material available for use from 1(a)]

Or Raw material inventory (1/1) = $ 211670 - $ 161290

Or Raw material inventory (1/1) = $ 50380

2. Total cost of work in progress:

Cost of goods manufactured = Total cost of work in progress – Work in progress (12/31)

Or $ 549950 = Total cost of work in progress - $ 84050

Or Total cost of work in progress = $ 549950 + $ 84050

Or Total cost of work in progress = $ 634000

3. Total manufacturing costs :

Total cost of work in progress = Work in progress (1/1) + Total manufacturing costs

Or $ 634000 = $ 211790 + Total manufacturing costs [Note: Total cost of work in progress from 2]

Or Total manufacturing costs = $ 634000 - $ 211790

Or Total manufacturing costs = $ 422210

4. Direct labor:

Total manufacturing costs = Direct raw material used+ Direct labor cost + Manufacturing overheads

Or $ 422210 = $ 187540 + Direct labor cost + $ 134380

Or Direct labor cost = $ 422210 - $ 187540 - $ 134380

Or Direct labor cost = $ 100290

Problem 2

Solution 1 : Cost of goods manufactured schedule

Work in Progress (1/1)			$ 15070
Direct materials
Raw Material Inventory(1/1)	$ 25160
Add: Raw Material Purchase	$ 154800
Total raw material available for use	$ 179960
Less: Raw Material inventory (12/31)	$ 35610
Direct material used		$ 144350
Direct Labor		$ 223070
Manufacturing overhead		$ 182060
Total Manufacturing Cost			$ 549480
Total cost of work in progress			$ 564550
Less: Work in progress (12/31)			$ 18280
Cost of goods manufactured			$ 546270

Solution 2 : Partial Income statement:

Sales Revenue (A)		$ 905590
Cost of goods Sold:
Finished Goods Inventory (1/1)	$ 27770
Add: Cost of goods manufactured	$ 546270
Cost of goods ready for sale	$ 574040
Less: Finished goods inventory (12/31)	$ 23410
Cost of goods sold (B)		$ 550630
Gross Profit (A)- (B)		$ 354960

Solution 2 : Partial Balance Sheet : Presentation of ending inventories as on 31.12.2017

Current Assets:
Inventories:
Finished Goods	$ 23410
Work In Progress	$ 18280
Raw Materials	$ 35610
		$ 77300