! Required information (The following information applies to the questions displayed below. Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used Direct labor Manufacturing overhead $275,000 150,000 315,000 The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material Work in process Finished goods $28,000 39,000 41,000 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? Cost of goods sold