Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMPANY Cost of Goods Manufactured Schedule Work in process (1/1) Direct materials $210,000 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 158,000 22,500 $180,000 Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 18,000 36,000 68,000 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 81,000 $540,000