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	$	31,000
Work in process		40,000
Finished goods		45,000

Each of these inventory balances was 10 percent higher at the end of the year.

2. What was the cost of goods sold for 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