managerial accounting

Your answer is partially correct. Try again. An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017 Work in process (1/1) Direct materials Raw materials inventory (1/1) 44,500 Add: Raw materials purchases 158,000 Total raw materials available for use 202,500 Less: Raw materials inventory (12/31) 22,500 Direct materials used Direct labor Manufacturing overhead Indirect labor 18,000 Factory depreciation 36,000 Factory utilities 68,000 Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured $180,000 288,000 122,000 $210,000 11,000 621,00 81,000 $540,000