Question

An analysis of the accounts of Crane Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Beginning $9,440 5,230 9,280 Ending $13,980 9,030 6,880 Costs incurred: raw materials purchases $55,570, direct labor $47,200, manufacturing overhead $23,160. The specific overhead costs were: indirect labor $6,480, factory insurance $4,230, machinery depreciation $4,520, machinery repairs $2,510, factory utilities $3,500, and miscellaneous factory costs $1,920. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.

Answer 1

Answer
1
Cost Of Goods Manufactured Scheduled
Particular	Amount	Amount	Amount
Beginning Work In Process			$         5,230
Direct Material Used :
Beginning Raw Material Inventory	$       9,440
Add:Raw Material Purchase	$     55,570
Less: Ending Raw Material Inventory	-$     13,980	$     51,030
Direct Labour		$     47,200
Manufacturing Overhead :
Indirect Labour	$       6,480
Factory Insurance	$       4,230
Factory Utilities	$       3,500
Machine Depreciation	$       4,520
Machine Repairs	$       2,510
Miscellaneous Factory Overhead	$       1,920	$     23,160
Total Manufacturing Cost			$     126,690
			$     131,920
Less: Ending Work in Process			-$         9,030
Cost Of Goods Manufactured			$     122,890
2
Partial Balance Sheet
Assets
Current Assets
Inventory :
Raw Material	$     13,980
Work In Process	$       9,030
Finished Goods	$       6,880	$     29,890