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 December 31, 2020
Work in process (1/1) $211,000
Direct materials
Raw materials inventory (1/1)
Add: Raw materials purchases 159,000
Total raw materials available for use
Less: Raw materials inventory (12/31) 22,100
Direct materials used $181,000
Direct labor Manufacturing overhead
Indirect labor 18,100
Factory depreciation 36,100
Factory utilities 68,100
Total overhead 122,300
Total manufacturing costs
Total cost of work in process
Less: Work in process (12/31) 81,100
Cost of goods manufactured $541,000

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.