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 (1/1) Direct materials $219,850 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 168,100 25,620 $181,420 Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 22,500 43,430 71,150 137,080 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 90,310 $546,760