Required information

EX $3-30($Algo$)$ Schedule of Cost of Goods Manufactured $($LO $3-2,3-4,3-6)$

Skip to question

$[$The following information applies to the questions displayed below.$]$

Crunchem Cereal Company incurred the following actual costs during $20$x$1.$

Direct material used $ $280,000$

Direct labor $150,000$

Manufacturing overhead $315,000$

The firm$$s predetermined overhead rate is $210$ percent of direct$-$labor cost. The January $1$ inventory balances were as follows:

Raw material $ $33,000$

Work in process $39,000$

Finished goods $43,000$

Each of these inventory balances was $10$ percent higher at the end of the year.

EX $3-30($Algo$)$ Part $2$ What was the cost of goods sold for the year?

$2.$ What was the cost of goods sold for the year?