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 Work in process $220,280 Direct materials Raw materials inventory (1/1) Add: Raw materials purchases 162,130 Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used 24,970 $189,630 Direct labor Manufacturing overhead Indirect labor 18,190 41,340 70,890 Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 130,420 84,500 $545,360