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, 2020 Work in process (1/1) $210,000 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 Factory utilities 36,000 68,000 Total overhead 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 81,000 $540,000 Cost of goods manufactured