Question 12 of 15 -/1 E Cost of Goods Manufactured Schedule For the Year Ended December 31. 2020 December 31, 2020 For the Month Ended December 31, 2020 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
Question 12 of 15 -/1 E Cost of Goods Manufactured Schedule For the Year Ended December 31. 2020 December 31, 2020 For the Month Ended December 31, 2020 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
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter15: Integrated Production Processes (ipps)
Section: Chapter Questions
Problem 5DQ
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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 |
||||||
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 |
36,000 | |||||
Factory utilities | 68,000 | |||||
Total overhead | 122,000 | |||||
Total |
||||||
Total cost of work in process | ||||||
Less: Work in process (12/31) | 81,000 | |||||
Cost of goods manufactured | $540,000 |
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