An incomplete cost of goods manufactured schedules 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 Work in process (1/1) $213.960 Direct materials Raw materials inventory (1/1) $ Add: Raw materials purchases 165,180 Total raw materials available for use 22.660 Less Raw materials inventory (12/31) Direct materials used $186,990 Direct labor 24,790 Manufacturing overhead Indirect labor Factory depreciation Factory utilities 39,270 77,660 Total overhead 141,720 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 83 530 Cost of goods manufactured $544 530