Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An analysis of the accounts of Crane Company reveals the following manufacturing cost data for the month ended September 30, 2020. Inventories Beginning Ending Raw
An analysis of the accounts of Crane Company reveals the following manufacturing cost data for the month ended September 30, 2020. Inventories Beginning Ending Raw materials $12,500 $12,000 Work in process 7,700 5,100 Finished goods 9,800 11,800 Costs incurred: raw materials purchases $64,900, direct labor $55,000, manufacturing overhead $25,260. The specific overhead costs were: indirect labor $6,600, factory insurance $4,800, machinery depreciation $5,400, machinery repairs $2,800, factory utilities $4,000, miscellaneous factory costs $1,660. Assume that all raw materials used were direct materials.Prepare the cost of goods manufactured schedule for the month ended September 30, 2020. CRANE Co. Cost of Goods Manufacturing Schedule For the Month Ended September 30, 2020 Work in Process 9/1/20 Direct Materials Raw Materials Inventory 9/1/20 V 12500 Add Raw Materials Purchases V 64900 Total Raw Materials Available for Use 77400 Less Raw Materials Inventory 9/30/20 V 12000 Direct Materials Used V 65400 Direct Labor 55000 Manufacturing Overhead Indirect Labor 6600 Factory Utilities 4800 Factory Insurance Total Manufacturing Overhead 138585 Total Cost of Work in Process V Less V VCRANE Co. Cost of Goods Manufacturing Schedule For the Month Ended September 30, 2020 V 12500 $ 12500 chases V 64900 V 77400 ntory 9/30/20 V 12000 $ 65400 55000 6600 4800 138585 578485 V 599485 V 14700 V 584785 eTextbook and Media List of Accounts Save for Later Last saved 9 hours ago. Attempts: 1 of 5 used Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started