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Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 290,000...

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Accounting

Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 290,000 Direct labor 140,000 Manufacturing overhead 294,000 The firms predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $ 31,000 Work in process 39,000 Finished goods 41,000 Each of these inventory balances was 10 percent higher at the end of the year.

1. Prepare a schedule of cost of goods manufactured for 20x1.

2. What was the cost of goods sold for the year?

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