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22 October, 14:20

At May 31, 2020, the accounts of Crane Company show the following.

1. May 1 inventories-finished goods $13,200, work in process $15,000, and raw materials $8,700.

2. May 31 inventories-finished goods $9,800, work in process $16,500, and raw materials $7,300.

3. Increases to work in process were direct materials $63,100, direct labor $50,900, and manufacturing overhead applied $42,900.

4. Sales revenue totaled $216,500

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  1. 22 October, 14:32
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    1. Cost of goods manufactured schedule

    Beginning work-in-process inventory $15,000

    Add:

    Direct materials $63,100

    Direct labor $50,900

    Manufacturing overhead $42,900

    Total manufacturing cost $156,900

    Less: ending work-in-process inventory - $16,500

    Cost of goods manufactured $155,400

    2. The income statement is presented below:

    Sales revenue $216,500

    Less: Cost of goods sold

    Beginning finished goods inventory $13,200

    Cost of goods manufactured $155,400

    Less: Ending finished goods inventory - $9,800 - $158,800

    Gross profit $57,700

    3. The balance is presented below:

    Raw materials $7,300

    Work-in process $16,500

    Finished goods $9,800

    Total inventory $33,600
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