Exercise 14-9 a-c At May 31, 2017, the accounts of Crane Company show the follow

Question

Exercise 14-9 a-c At May 31, 2017, the accounts of Crane Company show the following. 1. May 1 inventories-finished goods 13,200, work in process $15,000, and raw matenals $8,700. 2. May 31 inventories -finished goods $9,800, work in process $16,500, and raw materials $7,300, 3. Increases to work in process were direct materials $63,100, direct labor $50,900, and manufacturing overhead applied $42,900. 4. Sales revenue totaled $216,500 Your answer is correct. Prepare a condensed cost of goods manufactured schedule. CRANE COMPANY of Goods Manufactured Schedule rect Matenals Use rect Lab anufacturing Overhcad Applied tal Manufacturing Cost 31 090 29 569 7190 650 5540 Total Cost of Work in P ork in Process, May 31 ost of Goods Manufacturec Attempts: 1 of 5 used

Explanation / Answer

CRANE COMPANY (Partial ) Income Statement Sales 216500 Cost of goods sold:    Cost of goods manufactured 155400    Plus : Finished goods, May 1 13200    Cost of goods available for sale 168600    Less: Finished goods , May 31 9800 Cost of goods sold 158800 Gross Profit 57700

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