HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $218,850 167,330 26,380 $190,670 Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use 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 25,670 38,660 74,800 139,130 86,890 $541.430