Question
At May 31, 2022, the accounts of Crane Company show the following. 1. May 1 inventoriesfinished goods $13,080, work in process $15,240, and raw materials
At May 31, 2022, the accounts of Crane Company show the following.
1. | May 1 inventoriesfinished goods $13,080, work in process $15,240, and raw materials $8,480. | |
2. | May 31 inventoriesfinished goods $9,880, work in process $16,560, and raw materials $7,360. | |
3. | Debit postings to work in process were direct materials $64,920, direct labor $52,000, and manufacturing overhead applied $41,600. (Assume that overhead applied was equal to overhead incurred.) | |
4. | Sales revenue totaled $223,600. |
Prepare a condensed cost of goods manufactured schedule for May 2022.
CRANE COMPANY Cost of Goods Manufactured Schedule choose the accounting period For the Year Ended May 31, 2022For the Month Ended May 31, 2022May 31, 2022 | ||||
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select an opening name for this schedule Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit | $enter a dollar amount | |||
select an item Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue | $enter a dollar amount | |||
select an item Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Finished Goods, May 1Finished Goods, May 31Raw Materials, May 1Raw Materials, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit | enter a dollar amount | |||
select an item Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue | enter a dollar amount | |||
select an item Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Finished Goods, May 1Finished Goods, May 31Raw Materials, May 1Raw Materials, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit | enter a total of the three previous amounts | |||
select a summarizing line for the first part Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 31Finished Goods, May 1Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue | enter a total amount for the first part | |||
select between addition and deduction AddLess: select an item Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Finished Goods, May 1Finished Goods, May 31Raw Materials, May 1Raw Materials, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit | enter a dollar amount | |||
select a closing name for this schedule Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue | $enter a total amount for this schedule |
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