Crunchem Cereal Company incurred the following actual costs during 20x1.

Direct material used ............................$275,000

Direct labor ........................................... 120,000

Manufacturing overhead ..................... 252,000

The firm’s predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows:

Raw material ..........................$30,000

Work In process ..................... 39,000

Finished goods ....................... 42,000

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?