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 For the Year Ended December 31, 2020 $218,850 Work in process (1/1) Direct materials $ 217050 Raw materials inventory (1/1) 167,330 Add: Raw materials purchases Total raw materials available for 49720 use 26,380 Less: Raw materials inventory (12/31) Direct materials used $190,670 628320 Direct labor 25,670 38,660 Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 74.800 139,130 409740 Total manufacturing costs 79670 Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 86,890 $541,430