First, identify which formula and how to calculate it. Please show all steps to the solution.

Hint: Raw materials used is $202,500.

E1.9 (LO 3), AP An incomplete cost of goods manufactured schedule is presented below. Determine missing amounts in cost of goods manufactured schedule. $210,000 Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 Work in process (1/1) Direct materials Raw materials inventory (1/1) $ ? Add: Raw materials purchases 158,000 Total raw materials available for use Less: Raw materials inventory (12/31) 22,500 Direct materials used $180,000 Direct labor Manufacturing overhead Indirect labor 18,000 Factory depreciation 36,000 Factory utilities 68,000 Total overhead 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 81,000 $540,000 Instructions Complete the cost of goods manufactured schedule for Hobbit Company