An incomplete cost of goods manufactured schedule is presented below.
HOBBIT COMPANY Cost of Goods Manufactured Schedule:
December 31, 2017, For the Year Ended December 31, 2017 For the Month Ended December 31, 2017.
Work in process (1/1) $215,960
Direct material
Raw materials inventory (1/1) $
Add: Raw materials purchases 163,890
Total raw materials available for use
Less: Raw materials inventory (12/31) 22,350
Direct materials used $188,340
Direct labor
Manufacturing overhead
Indirect labor 18,220
Factory depreciation 39,150
Factory utilities 76,620
Total overhead 133,990
Total manufacturing costs
Total cost of work in process
Less: Work in process (12/31) 87,360
Cost of goods manufactured $546,180
Required:
1. Complete the cost of goods manufactured schedule for Hobbit Company.