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Crunchem Cereal Company incurred the following actual costs during 20x4. Direct material used $ 295,000 Direct labor 130,000 Manufacturing overhead 273,000 The firms predetermined overhead
Crunchem Cereal Company incurred the following actual costs during 20x4. |
Direct material used | $ | 295,000 |
Direct labor | 130,000 | |
Manufacturing overhead | 273,000 | |
The firms predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: |
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Raw material | $ | 28,000 |
Work in process | 39,000 | |
Finished goods | 42,000 | |
Each of these inventory balances was 10 percent higher at the end of the year.
1. Prepare a schedule of cost of goods manufactured for 20x4. 2.What was the cost of goods sold for the year?
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