Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used Direct labor Manufacturing overhead $295,000 140,000 294,000 The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material Work in process Finished goods $28,000 38,000 42,000 Each of these inventory balances was 10 percent higher at the end of the year. Exercise 3-30 Part 2 2. What was the cost of goods sold for the year? Cost of goods sold