Schedule of Cost of Goods Manufactured Crunchem Cereal Company incurred the following actual costs during 20x4. Direct material used $412,500 Direct labor 180,000 Manufacturing overhead 378,000 The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $45,000 Work in process 58,500 Finished goods 63,000 Each of these inventory balances was 10 percent higher at the end of the year. Required: 1. Prepare a schedule of cost of goods manufactured for 20x4. 2. What was the cost of goods sold for the year