Question

Preview File Edit View Go Tools Window Help principles w.lpg Homework E19-9 An incomplete cost of goods manufactured schedule is presented below. $210,000 zi, Jahleel Smithson, Derick IS OF ACCOUNTING II - 12 you or not but i also want yo HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017 Work in process (1/1) Direct materials Raw materials inventory (1/1) $ ? Add: Raw materials purchases 158,000 Total raw materials available for use Less: Raw materials inventory (12/31) 22,500 Direct materials used $180,000 Direct labor Manufacturing overhead Indirect labor 18,000 Factory depreciation 36,000 Factory utilities 68,000 Total overhead 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 81.000 $540,000 Instructions Complete the cost of goods manufactured schedule for Hobbit Company Frank Manzi Adam Stiebeli - -

Answer 1

Solution:

Hobbit Company Schedule of cost of goods manufactured For the year ended Dec 31, 2017
Particulars			Amount
Work In Process (1/1)			$210,000.00
Direct materials:
Raw material inventory (1/1)	$44,500.00
Add: Raw material purchases	$158,000.00
Total raw materials available for use	$202,500.00
Less: Raw material inventory (12/31)	$22,500.00
Direct materials used		$180,000.00
Direct labor		$109,000.00
Manufacturing overhead:
Indirect labor	$18,000.00
Factory depreciation	$36,000.00
Factory utilities	$68,000.00
Total Overhead		$122,000.00
Total manufacturing costs			$411,000.00
Total cost of work in process			$621,000.00
Less: Work in Process (12/31)			$81,000.00
Cost of goods manufactured			$540,000.00

Excel 10 - Microsoft Excel X 90 = File Home Insert Page Layout Formulas Data Review View - 2 x Calculate Now Insert Function AutoSum Recently Financial Logical Text Date & Lookup & Math More - Used Time Reference & Trig Functions Function Library A a Define Name f Use in Formula Name Manager Create from Selection Defined Names Trace Precedents 5 Show Formulas Trace Dependents Error Checking Remove Arrows Evaluate Formula Formula Auditing Watch Window Calculation Calculate Sheet Options Calculation H6 A в C DE G H к Amount 210000 Hobbit Company Schedule of cost of goods manufactured For the year ended Dec 31, 2017 Particulars Work In Process (1/1) Direct materials: Raw material inventory (1/1) =C9-C8 Add: Raw material purchases 158000 Total raw materials available for use =C10+D11 Less: Raw material inventory (12/31) [22500 Direct materials used 180000 Direct labor =E18-D17-D11 Manufacturing overhead: Indirect labor 18000 Factory depreciation 36000 Factory utilities 68000 Total Overhead 122000 Total manufacturing costs Total cost of work in process Less: Work in Process (12/31) Cost of goods manufactured =E19-E5 =E20+E21 81000 540000 K Sheet175 Sheet176 Sheet508 Sheet163 Sheet156 (64) Sheet107 (87) Sheet179 M Ready Sheet174 Circular References DO 100% + O D S Answes e i chegacom-com 410 26cdo 3 mage 9 - Wind. 0 4:53 AM 11/1/2019