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[The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following...

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Accounting

[The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual costs during 20x1.

Direct material used$280,000Direct labor130,000Manufacturing overhead273,000

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

Raw material$29,000Work in process39,000Finished goods43,000

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

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