HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017 Work in process (1/1) $213,960 Direct materials Raw materials inventory (1/1) 44,470 Add: Raw materials purchases 165,180 Total raw materials available for use 209,650 Less: Raw materials inventory (12/31) 22,660 Direct materials used $186,990 Direct labor 85,660 Manufacturing overhead Indirect labor 24,790 Factory depreciation 39,270 Factory utilities 77,660 Total overhead 141,720 Total manufacturing costs 414,370 Total cost of work in process 628,060 Less: Work in process (12/31) 83,530 Total raw materials available for use 209,650 Less: Raw materials inventory (12/31) 22,660 Direct materials used $186,990 Direct labor 85,660 Manufacturing overhead Indirect labor 24,790 Factory depreciation Factory utilities 39,270 77,660 Total overhead 141,720 Total manufacturing costs 414,370 Total cost of work in process 628,060 Less: Work in process (12/31) 83,530 Cost of goods manufactured $544,530 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT