An incomplete cost of goods manufactured schedule is presented below.

Determine missing amounts in cost of goods manufactured schedule.

Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 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

Instructions

Complete the cost of goods manufactured schedule for Hobbit Company.