An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Hobbit Company. Direct materials:
Raw materials inventory (1/1)
Add: Raw materials purchases 165,650
Total raw materials available for use
Less: Raw materials inventory (22/31 ) 26,990
Direct materials used 189,070
Direct labor
Manufacturing overhead
Indirect labor 27,550
Factory depreciation 37,060
Factory overhead 71,560
Total manufacturing costs 136,179

Raw materials inventory (1/1) $50,410

Total raw materials available for use $216,060

Direct labor 97,680

Total manufacturing costs 422,920

Total cost of work in process 636,020

Explanation:

Calculation to Complete the cost of goods manufactured schedule for Hobbit Company.

Work in process 1/1 213,100

Direct materials:

1. Raw materials inventory (1/1) $50,410

($216,060-165,650)

Add: Raw materials purchases 165,650

2. Total raw materials available for use 216,060

(189,070+26,990)

Less: Raw materials inventory (22/31 ) 26,990

Direct materials used 189,070

(216,060-26,990)

3. Direct labor 97,680

(422,920-136,170-189,070)

Manufacturing overhead

Indirect labor 27,550

Factory depreciation 37,060

Factory overhead 71,560

Total overhead 136,170

4. Total manufacturing costs 422,920

(636,020-213,100)

5. Total cost of work in process 636,020

(547,060+88,970)

Less Work in process 12/31 88,960

Cost of Goods manufactured $547,060

Therefore the Complete the cost of goods manufactured schedule for Hobbit Company are:

Raw materials inventory (1/1) $50,410

Total raw materials available for use $216,060

Direct labor 97,680

Total manufacturing costs 422,920

Total cost of work in process 636,020

the answer is either c or b, i cant be to sure tho.

if i need to borrow money for anything, it would be for something like a house or an apartment but, that depend on the situation.

is this good enough?