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 $214,690 Work in process (1/1) Direct materials $ Raw materials inventory (1/1) Add: Raw materials purchases 164,500 164,500 Total raw materials available for use Less: Raw materials inventory (12/31) 30.580 $186,060 Direct materials used Direct labor Manufacturing overhead Indirect labor 19.810 Indirect labor 19,810 37,840 Factory depreciation Factory utilities Total overhead 68,470 126,120 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 90,080 $550,770 Cost of goods manufactured