An incomplete cost of goods manufactured schedule is presented below.

Instructions
Complete the cost of goods manufactured schedule for Hobbit Company.

Transcribed Image Text:

HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 201) Work in process (1/1) Direct materials $210,00o Raw material inventory (1/1) Add: Raw material purchases Total raw materials available for use? Less: Raw material inventory (12/31) 22.500 158,000 Direct materials used Direct labor Manufacturing overhead $180,000o Indirect labor Factory depreciation Factory utilities Total overhead 18,000 36,000 68.000 122.000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 81,000 $540,00o