An incomplete cost of goods manufactured schedule is presented below.Complete the cost of goods manufactured schedule for Hobbit Company.HOBBIT COMPANYCost of Goods Manufactured Schedule Work in process (1/1) $210,000Direct 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 36,000 Factory utilities 68,000 Total overhead 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 81,000Cost of goods manufactured $540,000 O Chapter 14 HomeworkO NWP Assessment Player UI Appli xb Answered: Classification of Costs X+A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e9dbfc7e-751f-4165-84b9-54236ca5f8d9#/question/11Paused+ Chapter 14 HomeworkQuestion 12 of 15>-/1Cost of Goods Manufactured ScheduleWork in process (1/1)For the Year Ended December 31, 2020$210,000December 31, 2020Direct materialsFor the Month Ended December 31, 2020Raw materials inventory (1/1)$Add: Raw materials purchases158,000Total raw materials available for useLess: Raw materials inventory (12/31)22,500Direct materials used$180.000Direct laborManufacturing overheadIndirect labor18,000Factory depreciation36,000Factory utilities68,000Total overhead122,000Total manufacturing costsTotal cost of work in processLess: Work in process (12/31)81,000Cost of goods manufactured$540,000

In the given case a schedule for Cost of Goods Manufactured is given. But there are some figures…

Answered: Question 12 of 15 -/1 E Cost of Goods…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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HOBBIT COMPANY Cost of Goods Manufactured Schedule
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	36,000
Factory utilities	68,000
Total overhead		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