Page 2 of 3 Schedule of cost of goods manufactured Artisan Furniture Ltd incurred the following actual costs during the year just ended: Direct material used FOJ $410 500 Direct labour 180 000 Manufacturing overhead 378 000 The firm's predetermined overhead rate is 210 per cent of direct labour cost. The inventory balances, on 1 January, were as follows: Raw material $47 000 Work in process 61 500 Finished goods 65 000 Each of these inventory balances was 10 per cent higher at the end of the year. Required: 1. Prepare a schedule of cost of goods manufactured. 2. What was the cost of goods sold for the year? 3. Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: direct material used was $409 000 and raw material inventory on 1 January was $43 000