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[The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual costs during 20x1.
Direct material used$280,000Direct labor130,000Manufacturing overhead273,000
The firms predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows:
Raw material$29,000Work in process39,000Finished goods43,000
Each of these inventory balances was 10 percent higher at the end of the year.
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