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*** ANSWER QUESTIONS IN FORMAT PROVIDED *** Required information [The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual
*** ANSWER QUESTIONS IN FORMAT PROVIDED ***
Required information
[The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual costs during 20x1.
Direct material used | $ | 285,000 | |
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 | $ | 30,000 | |
Work in process | 38,000 | ||
Finished goods | 43,000 | ||
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. CRUNCHEM CEREAL COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Raw material used Total manufacturing costs Subtotal Cost of goods manufactured
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