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DATA INPUT
Crunchem Cereal Company incurred costs
Direct material used 412,500$
Direct labor 180,000
Manufacturing overhead 378,000
Overhead rate 210%
January 1 inventory balances End of Year
Raw material 45,000$ 49,500$
Work in process 58,500 64,350
Finished goods 63,000 69,300
Inventory balances increase over previous year 10%
SOLUTION
1. Schedule of cost of goods manufactured for 20x1
Direct material
Raw-material inventory, January 1 45,000$
2. Costs of goods sold
Finished-goods inventory, January 1 63,000$
