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 1 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 inventory, January 1 Add: Purchases of raw material Raw material available for use $ Less: Raw-material inventory, December 31 Raw material used Direct labor $ 0 Manufacturing overhead Total manufacturing costs $ 0 Add: Work-in-process inventory, January 1 Subtotal $ 0 Less: Work-in-process inventory, December 31 Cost of goods manufactured $ 0