Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 290,000 Direct labor 140,000 Manufacturing overhead 294,000 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 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 20x1.2. What was the cost of goods sold for the year?