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Answer:
HOBBIT COMPANY
Cost of Goods Manufactured Schedule
Direct materials Raw materials inventory (1/1) $ 54020
Add: Raw materials purchases 159,060
Total raw materials available for use 213080
Less: Raw materials inventory (12/31) 29,230
Direct materials used $183,850
Direct labor $ 90820
Manufacturing overhead 139,980
Indirect labor 26,160
Factory depreciation 40,720
Factory utilities 73,100
Total overhead 139,980
Total manufacturing costs $414650
Work in process (1/1) $216,680
Total cost of work in process $ 631330
Less: Work in process (12/31) 84,720
Cost of goods manufactured $546,610
Explanation:
HOBBIT COMPANY
Cost of Goods Manufactured Schedule
Direct materials Raw materials inventory (1/1) $ 54020
Add: Raw materials purchases 159,060
Total raw materials available for use 213080
Less: Raw materials inventory (12/31) 29,230
Direct materials used $183,850
STEP 1) Using the direct materials used figure we move upwards to calculate the missing figures doing reverse calculations.
Direct materials used + Raw materials inventory =Total raw materials available for use
Total raw materials available for use =$183,850 +29,230 =213080
Total raw materials available for use -Raw materials purchases=Direct materials Raw materials inventory
Direct materials Raw materials inventory=213080- 159,060 = 54020
Direct materials used $183,850
Direct labor $ 90820
Manufacturing overhead 139,980
Indirect labor 26,160
Factory depreciation 40,720
Factory utilities 73,100
Total overhead 139,980
Total manufacturing costs $414650
Work in process (1/1) $216,680
Total cost of work in process $ 631330
Less: Work in process (12/31) 84,720
Cost of goods manufactured $546,610
STEP 2) Moving backwards from the Cost of goods manufactured figure we find the Total cost of work in process doing reverse calculations
Cost of goods manufactured $546,610 + Work in process (12/31) 84,720 =Total cost of work in process
Total cost of work in process =$546,610 + 84,720 = $ 631330
STEP 3) Then we find the total manufacturing Cost .
Total cost of work in process Less Work in process (1/1) $216,680 =Total manufacturing costs
Total manufacturing costs =$ 631330-$216,680 = $414650
STEP 4) From the Total manufacturing costs we find the Direct labor using the following
Direct labor =Total manufacturing costs-Manufacturing overhead 139,980-Direct materials used $183,850
Direct labor = $414650-139,980- $183,850 = $ 90820
The completion of the Cost of Goods Manufactured Schedule is as follows:
Cost of Goods Manufactured Schedule
Work in process (1/1) $216,680
Direct materials 183,850
Direct labor 90,920
Manufacturing overhead 139,980
Total manufacturing costs $631,330
Less: Work in process (12/31) 84,720
Cost of goods manufactured $546,610
Data and Calculations:
Raw materials inventory:
Raw materials inventory (1/1) $54,020
Add: Raw materials purchases 159,060
Total raw materials available for use $213,080
Less: Raw materials inventory (12/31) 29,230
Direct materials used $183,850
Total raw materials available for use = $213,080 ($29,230 + $183,850)
Raw materials inventory at January 1 = $54,020 ($213,080 - $159,060)
Manufacturing overhead
Indirect labor 26,160
Factory depreciation 40,720
Factory utilities 73,100
Total overhead 139,980
Total manufacturing costs:
The total cost of work in process $631,330
Less: Work in process (12/31) 84,720
Cost of goods manufactured $546,610
Total cost of work in process = $631,330 ($546,610 + $84,720)
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