(SOLVED)- Crafted Furniture Ltd incurred the following actual costs during the


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Crafted Furniture Ltd incurred the following actual costs during the year just ended:
Direct material used……………………………..$412,500
Direct labour………………………………………180,000
Manufacturing overhead…………………………378,000
The firm’s predetermined overhead rate is 210 per cent of direct labour cost. The inventory balances, on 1 January, were as follows:
Raw material……………………………..$45,000
Work in process……………………………58,500
Finished goods……………………………63,000
Each of these inventory balances was to per cent higher at the end of the year.
Required:
1. Prepare a schedule of cost of goods manufactured.
2. What was the cost of goods sold for the year?

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