An incomplete cost of goods manufactured schedule is presented below.

Instructions

Complete the cost of goods manufactured schedule for Hobbit Company.

Transcribed Image Text:

НОВBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017 Work in process (1/1) Direct materials $210,000 $ ? 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 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) ? 81,000 Cost of goods manufactured $540,000