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 $ 290,000 120,000 252,000 The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $ 31,000 Work in process 40,000 44,000 Finished goods Each of these inventory balances was 10 percent higher at the end of the year.
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 $ 290,000 120,000 252,000 The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $ 31,000 Work in process 40,000 44,000 Finished goods Each of these inventory balances was 10 percent higher at the end of the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Crunchem Cereal Company incurred the following actual costs during 20x1.
$ 290,000
120,000
252,000
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
$ 31,000
Work in process
Finished goods
40,000
44,000
Each of these inventory balances was 10 percent higher at the end of the year.
equired:
Prepare a schedule of cost of goods manufactured for 20x1.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fedf111bd-8104-414c-92c2-cbc9edca5ffc%2Fd863d4ba-6705-4b5a-98b7-cc05eed58ee3%2Furfamhn_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Crunchem Cereal Company incurred the following actual costs during 20x1.
$ 290,000
120,000
252,000
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
$ 31,000
Work in process
Finished goods
40,000
44,000
Each of these inventory balances was 10 percent higher at the end of the year.
equired:
Prepare a schedule of cost of goods manufactured for 20x1.
![Required:
1. Prepare a schedule of cost of goods manufactured for 20x1.
Direct material:
Raw material used
Total manufacturing costs
Subtotal
CRUNCHEM CEREAL COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
Cost of goods manufactured](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fedf111bd-8104-414c-92c2-cbc9edca5ffc%2Fd863d4ba-6705-4b5a-98b7-cc05eed58ee3%2F7rhs8gh_processed.png&w=3840&q=75)
Transcribed Image Text:Required:
1. Prepare a schedule of cost of goods manufactured for 20x1.
Direct material:
Raw material used
Total manufacturing costs
Subtotal
CRUNCHEM CEREAL COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
Cost of goods manufactured
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