[The following information applies to the questions displayed below.]
Crunchem Cereal Company incurred the following actual costs during 20x1.
Direct material used $ 290,000 Direct labor 140,000 Manufacturing overhead 294,000 The firm’s predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows:
Raw material $ 28,000 Work in process 40,000 Finished goods 44,000 Each of these inventory balances was 10 percent higher at the end of the year.
Required:
1. Prepare a schedule of cost of goods manufactured for 20x1.
2. What was the cost of goods sold for the year?