Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used Direct labor $ 290,000 120,000 252,000 Manufacturing overhead The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $ 31,000 Work in process 40,000 44,000 Finished goods Each of these inventory balances was 10 percent higher at the end of the year. equired: Prepare a schedule of cost of goods manufactured for 20x1. Required: 1. Prepare a schedule of cost of goods manufactured for 20x1. Direct material: Raw material used Total manufacturing costs Subtotal CRUNCHEM CEREAL COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Cost of goods manufactured