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Required information Skip to question [The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual costs during 20x1. Direct
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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 | $ 275,000 |
---|---|
Direct labor | 120,000 |
Manufacturing overhead | 252,000 |
The firms predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows:
Raw material | $ 30,000 |
---|---|
Work in process | 39,000 |
Finished goods | 42,000 |
Each of these inventory balances was 10 percent higher at the end of the year.
2. What was the cost of goods sold for the year?
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