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) Direct materials $219,710 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 164,750 23,370 Direct materials used Direct labor Manufacturing overhead $183,360 Indirect labor Factory depreciation Factory utilities Total overhead 25,340 40,850 74,250 140,440 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 88,650 $544,610