Exercise 1-9 An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Hobbit Company BIT COMPANY Cost of Goods Manufactured Schedule $214,690 Work in process (1/1) Direct materials Raw materials inventory (1/1) 164,500 Add: Raw materials purchases Total raw materials available for use 30,580 Less: Raw materials inventory (12/31) $186,060 Direct materials used Direct labor Manufacturing overhead 19,810 Indirect labor 37,840 Factory depreciation 68,470 Factory utilities 126,120 Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 90,080 Cost of goods manufactured $550,770