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HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $220,220 Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for $ 56.030 164,190 213.720 use 30.540 $183,180 48,580 Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 25,480 45,000 72.670 143,150 30.540 $183,180 48.580 Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 25,480 45.000 72.670 143,150 411.950 632.170 87.980 $544,910