Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) g\" The following information applies to the questions displayed below} Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $276,666 Direct labor 136,666 Manufacturing overhead 273,666 The firm's predetermined overhead rate is 210 percent ofdirectlabor cost. The January1 inventory balances were as follows: Raw material $31J666 Work in process 391666 Finished goods 411666 Each of these inventory balances was 10 percent higher at the end ofthe year. Exercise 3-30 Part 1 Required: 1. Prepare a schedule of cost of goods manufactured for 20x1. 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 39,000 Add: Purchases of raw material Raw material available for use $ 39,000 Less: Raw-material inventory, December 31 Raw material used $ 39,000 Direct labor Manufacturing overhead Total manufacturing costs $ 39,000 Add: Work-in-process inventory, January 1 Subtotal $ 39,000 Less: Work-in-process inventory, December 31 Cost of goods manufactured $ 39,000Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below. ] Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $279,999 Direct labor 139,999 Manufacturing overhead 273,699 The firm's predetermined overhead rate is 210 percent of directlabor cost. The January 1 inventory balances were as follows: Raw material $311999 Work in process 391999 Finished goods 411999 Each ofthese inventory balances was 10 percent higher at the end of the year. Exercise 3-30 Part 2 2. What was the cost of goods sold for the year? %