CRANE MANUFACTURING COMPANY Cost of Goods Manufactured Schedule Work in process inventory (1/1) $278,800 $ Direct materials Raw materials inventory (1/1) Raw materials purchases Raw materials available for 201.720 use 30,340 Raw materials inventory (12/31) Direct materials used $209,100 Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities 15,580 31.160 31,980 Total overhead Total manufacturing costs Total cost of work in process 264,040 Less: Work in process inventory (12/31) Cost of goods manufactured $393,600