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 Month Ended December 31, 2020For the Year Ended December 31, 2020December 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