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Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) [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 $290,000 130,000 273,000 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 45,000 Each of these inventory balances was 10 percent higher at the end of the year.

Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) [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 $290,000 130,000 273,000 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 45,000 Each of these inventory balances was 10 percent higher at the end of the year.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) [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 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 $290,000 130,000 273,000 Exercise 3-30 Part 2 Each of these inventory balances was 10 percent higher at the end of the year. $28,000 39,000 45,000 Cost of goods sold 2. What was the cost of goods sold for the year?
Transcribed Image Text:Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6) [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 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 $290,000 130,000 273,000 Exercise 3-30 Part 2 Each of these inventory balances was 10 percent higher at the end of the year. $28,000 39,000 45,000 Cost of goods sold 2. What was the cost of goods sold for the year?
s Required: 1. Prepare a schedule of cost of goods manufactured for 20x1. CRUNCHEM CEREAL COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Raw-material inventory, January 1 Add: Purchases of raw material Raw material available for use Less: Raw-material inventory, December 31 Raw material used Direct labor Manufacturing overhead Total manufacturing costs Add: Work-in-process inventory, January 1 Subtotal Less: Work-in-process inventory, December 31 Cost of goods manufactured $ $
Transcribed Image Text:s Required: 1. Prepare a schedule of cost of goods manufactured for 20x1. CRUNCHEM CEREAL COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Raw-material inventory, January 1 Add: Purchases of raw material Raw material available for use Less: Raw-material inventory, December 31 Raw material used Direct labor Manufacturing overhead Total manufacturing costs Add: Work-in-process inventory, January 1 Subtotal Less: Work-in-process inventory, December 31 Cost of goods manufactured $ $
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