Question

The following data were taken from the records of Crane Company for the fiscal year ended June 30, 2020.

Problem 14-04A a-c (Video) (Part Level Submission) The following data were taken from the records of Crane Company for the fiscal year ended June 30, 2020 Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $50,000 47,300 97,800 24,800 22,900 24,500 144,850 25,160 27,300 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $5,400 18,600 31,000 9,450 560,200 4,400 65,600 9,810 1,500 96,900 41,500

Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

Answer 1

CRANE COMPANY
Cost of Goods Manufactured Schedule
For the Year ended June 30, 2020
Beginning work in process Inventory			$       22,900.00
Direct Material
Beginning raw material Inventory	$         50,000.00
Add: Raw material Purchases	$         96,900.00
Raw material Available for use	$     1,46,900.00
Less: Ending Raw material Inventory	$         47,300.00
Material Used in Production		$             99,600.00
Direct labor		$         1,44,850.00
Manufacturing Overheads
Indirect labor	$         25,160.00
Factory insurance	$           5,400.00
Factory machine depreciation	$         18,600.00
Factory Utilities	$         31,000.00
Plant manager's salary	$         65,600.00
Factory property tax	$           9,810.00
Factory repairs	$           1,500.00
Total manufacturing overheads		$         1,57,070.00
Total manufacturing Cost			$   4,01,520.00
Total Cost of Work in Progress			$   4,24,420.00
Less: Ending Work in progress			$       24,500.00
Cost of Goods Manufactured			$   3,99,920.00