Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. crunchem cereal company incurred the following act

Crunchem Cereal Company incurred the following actual costs during 20x1. ...

60.1K

Verified Solution

Question

Accounting

Crunchem Cereal Company incurred the following actual costs during 20x1.

Direct material used $ 295,000
Direct labor 130,000
Manufacturing overhead 273,000

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

Raw material $ 29,000
Work in process 39,000
Finished goods 41,000

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

1. Prepare a schedule of cost of goods manufactured for 20x1.

The **** are the answers I need

CRUNCHEM CEREAL COMPANY

Schedule of Cost of Goods Manufactured

For the Year Ended December 31, 20x1

Direct material:

Raw-material inventory, January 1$29,000

Add: Purchases of raw material *******

Raw material available for use$29,000

Less: Raw-material inventory, December 31 *******

Raw material used *************

Direct labor130,000

Manufacturing overhead273,000

Total manufacturing costs$432,000

Add: Work-in-process inventory, January 139,000

Subtotal$471,000

Less: Work-in-process inventory, December 3142,900

Cost of goods manufactured$428,100

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Electrical Engineering
1.2K views

For the systems below, do what you ask, solve the calculations in a handwritten and step-by-step...

Electrical Engineering
1.2K views

4)Design a band-pass filter with a passband from 500 Hz to 2000 Hz using “butter” routine...

Advance Math
1.2K views

Make up an example to show that Dijkstra’s algorithm fails if negative edge lengths are allowed.

Basic Math
1.2K views

3 of 13 When there is moisture on the ground microorganisms are found in the...

Basic Math
1.2K views

Question 5 8 suppose Christian stops for coffee a give alculate how much Christian would...

Calculus
1.2K views

An object with initial temperature 200 F is submerged in large tank of water whose...

Algebra
1.2K views

Complete the following Powers of 3 table to prepare to solve the problem that follows...

Accounting
1.2K views

The city council of approved the following budget for the General Fund for fiscal year...

Accounting
1.2K views

What is a management representation letter "rep letter", and how is it different from a...

Accounting
1.2K views

JPL, Inc. has provided its sales and expense data for the most recent period. The...

Accounting
1.2K views

Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2022,...

Accounting
1.2K views

Grays Company has inventory of 11 units at a cost of $6 each on August...