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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
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
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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