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Crane Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $99400 $79000 Work in process inventory 129500
Crane Manufacturing Inc.'s accounting records reflect the following inventories:
Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $99400 $79000 Work in process inventory 129500 144500 Finished goods inventory 124000 115300
During 2020, Crane purchased $950100 of raw materials, incurred direct labour costs of $124600, and incurred manufacturing overhead totalling $161000. Crane Manufacturings cost of goods manufactured for 2020 amounted to $1241100. How much would it report as cost of goods sold for the year?
$1249800
$1288500
$1365700
$1232400
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