Answer:
Raw materials inventory (1/1) $50,410
Total raw materials available for use $216,060
Direct labor 97,680
Total manufacturing costs 422,920
Total cost of work in process 636,020
Explanation:
Calculation to Complete the cost of goods manufactured schedule for Hobbit Company.
Work in process 1/1 213,100
Direct materials:
1. Raw materials inventory (1/1) $50,410
($216,060-165,650)
Add: Raw materials purchases 165,650
2. Total raw materials available for use 216,060
(189,070+26,990)
Less: Raw materials inventory (22/31 ) 26,990
Direct materials used 189,070
(216,060-26,990)
3. Direct labor 97,680
(422,920-136,170-189,070)
Manufacturing overhead
Indirect labor 27,550
Factory depreciation 37,060
Factory overhead 71,560
Total overhead 136,170
4. Total manufacturing costs 422,920
(636,020-213,100)
5. Total cost of work in process 636,020
(547,060+88,970)
Less Work in process 12/31 88,960
Cost of Goods manufactured $547,060
Therefore the Complete the cost of goods manufactured schedule for Hobbit Company are:
Raw materials inventory (1/1) $50,410
Total raw materials available for use $216,060
Direct labor 97,680
Total manufacturing costs 422,920
Total cost of work in process 636,020
