Sales revenue totaled $216,500. At May 31, 2017, the accounts of Crane Company s

Question

Sales revenue totaled $216,500.

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 materials $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.

Sales revenue totaled $216,500.

Attempts: 1 of 5 used E your answer ia cotemn or May through gros Prepare an income statement for May through gross profit. CRANE COMPANY (Partial) Income Statement les Revenu 1650 of Goods Sol of Goods Manufacture 5540 nished Goods, M 3200 of Goods Available for Sal ?168600 ess Finished Goods, May 31 of Goods Sol 158800 Attempts: 2 of 5 used Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 CRANE COMPANY (Partial) Balance sheet Attempts: 0 of 5 used

Explanation / Answer

(c)

CRANE COMPANY (Partial) Balance Sheet At May 31, 2017 Current assets: Finished goods inventory 9800 Work in process inventory 16500 Raw materials inventory 7300 Total 33600

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