An incomplete cost of goods manufactured schedule is presented here.

Instructions

Complete the cost of goods manufactured schedule for Hobbit Company. (Assume that all raw materials used were direct materials.)

Transcribed Image Text:

Work in process, January 1 Direct materials Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022 Raw materials inventory, January 1 Raw materials purchases Total raw materials available for use Less: Raw materials inventory, December 31 Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Work in process, December 31 Cost of goods manufactured $ ? 158,000 ? 22,500 18,000 36,000 68,000 $180,000 ? 122,000 $210,000 ? ? 81,000 $540,000