CRANE COMPANY

Cost of Goods Manufactured Schedule

Work in Process, May $1$

$

Direct Labor

Manufacturing Overhead Applied

Total Manufacturing Costs

Total Cost of Work in Process CRANE COMPANY

$($Partial$)$ Income Statement

$

$

: Current Attempt in Progress

At May $31,2022,$ the accounts of Crane Company show the following.

May $1$ inventories$-$finished goods $$13,080,$ work in process $$15,240,$ and raw materials $$8,480.$

May $31$ inventories$-$finished goods $$9,880,$ work in process $$16,560,$ and raw materials $$7,360.$

Debit postings to work in process were direct materials $$64,920,$ direct labor $$52,000,$ and manufacturing overhead applied

$$41,600.($Assume that overhead applied was equal to overhead incurred.$)$

Sales revenue totaled $$223,600.$