Question

Exercise 20-09 a-c (Part Level Submission) At May 31, 2020, the accounts of Crane Company show the following 1. May 1 Inventories-finished goods $14,400, work in process $17,400, and raw materials $9,000 2. May 31 inventories-finished goods $9,600, work in process $16,800, and raw materials $8,200. 3. Debit postings to work in process were direct materials $65,400, direct labor $51,900, and manufacturing overhead applied $42,400. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $217,000. (a) Prepare a condensed cost of goods manufactured schedule. CRANE COMPANY Cost of Goods Manufactured Schedule

Answer 1

Answer with working is given below

Crane Company Cost of Goods manfuactred Schedule Opening Work in process $17,400 Direct material consumed Direct Labor Manufacturing Overhead applied $65,400 $51,900 $42,400 $159,700 $177,100 $16,800 $160,300 Less: Closing work in progress Cost of Goods manufactured $217,000 Crane Company Income Statement for the month of May Sales Less: Cost of Goods Sold Opening Stock of Finished Goods $14,400 Add: Cost of Goods manufactured $160,300 $174,700 Less: Closing Stock of Finished Goods $9,600 Cost of Goods sold GROSS PROFIT $165, 100 $51,900 Crane Company Balance Sheet as on May 31st, 2017 Inventory Raw Material Work in process Finished Goods $8,200 $16,800 $9,600 $34,600