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 For the Year Ended December 31, 2020 $213,900 Work in process (1/1) Direct materials Raw materials inventory (1/1) $ 164,300 Add: Raw materials purchases Total raw materials available for use 29,530 Less: Raw materials inventory (12/31) Direct materials used $185,570 Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 25,530 44,900 74,980 145.410 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 86,890 $543,210