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Crane Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On
Crane Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending on customer preference. On June 1, 2022, the general ledger for Crane Inc. contains the following data. Subsidiary data for Work in Process Inventory on June 1 are as follows. During June, raw materials purchased on account were $5,100, and $4,800 of factory wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Overhead was assigned to jobs at the same rate of $1.25 per dollar of direct labor cost throughout the year. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $17,300. Each customer paid in full at the time of sale. (3) Finished Goods Inventory Work in Process Inventory (To record completion of jobs) Cash Sales Revenue (To record sale of goods) Cost of Goods Sold Finished Goods Inventory (To record the cost of goods sold) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Costs of unfinished Job: Direct Materials $ + Direct Labor $ Your answer is partially correct. Prepare a cost of goods manufactured schedule for June. CRANE INC. Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 Work in Process, June 1 $5775 Direct Materials Used $ 5100 Direct Labor Manufacturing Overhead Applied Total Manufacturing Costs Total Cost of Work in Process Less : Work in Process, June 30 Cost of Goods Manufactured $ eTextbook and Media Assistance Used List of Accounts
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