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, 2017)

(For the Year Ended December 31, 2017)

(For the Month Ended December 31, 2017)

Work in process (1/1) $220,940

Direct materials

Raw materials inventory (1/1) ________

Add: Raw materials purchases $159,120

Total raw materials available for use ______

Less: Raw materials inventory (12/31) 22,610

Direct materials used $188,420

Direct labor ________

Manufacturing overhead

Indirect labor 25,620

Factory depreciation 37,200

Factory utilities 76,500

Total overhead 139,320

Total manufacturing costs ________

Total cost of work in process ________

Less: Work in process (12/31) 83,230

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Cost of goods manufactured $544,240