Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6)

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[The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual costs during 20x1.

Direct material used	$	290,000
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	$	28,000
Work in process		40,000
Finished goods		44,000

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

Required: 1. Prepare a schedule of cost of goods manufactured for 20x1.

2. What was the cost of goods sold for the year?