Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Development Of Integrated Reporting In The SME SectorCase Studies From European Countries

Authors: Joanna Dyczkowska, Andrea Szirmai Madarasine, Adriana Tiron-Tudor

1st Edition

3030819027, 9783030819026

More Books

Students also viewed these Accounting questions

Question

Describe the three parts of developing a new habit.

Answered: 1 week ago