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 $280,000 120,000 252,000 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 $29,000 39,000 43,000 Each of these inventory balances was 10 percent higher at the end of the year.