MONTY COMPANY Cost of Goods Manufactured Schedule 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) 22,500 $205,800 Direct materials used $176,400 Direct labor Manufacturing overhead \begin{tabular}{lr} Indirect labor & 18,000 \\ Factory depreciation & 35,100 \\ Factory utilities & 67,000 \\ \hline \end{tabular} Total overhead 120,100 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) \begin{tabular}{r} 79,200 \\ \hline$529,200 \\ \hline \hline \end{tabular} Cost of goods manufactured