Woodland Canning Company incurred the following actual costs during the year.

Direct material used Direct labor Manufacturing overhead

$185,000 $60,000 $126,000

The firms predetermined overhead rate is 210 per cent of direct labour cost. The January 1 inventory balances were as follows:

Raw material Work in process Finished goods

$12,500 $19,500 $21,000

Each of these inventory balances was 10 per cent higher at the end of the year.

Required

1. Determine the over(under)applied overhead for the year.

2. Prepare a schedule of cost of goods manufactured for the year.

c. What was the cost of goods sold for the year?