At May 31, 2022, the accounts of Crane Company show the following. 1. May 1 inventories-finished goods $10,330, work in process $12,050, and raw materials $6,720. May 31 inventories-finished goods $7,790, work in process $13,040, and raw materials $5,820. Debit postings to work in process were direct materials $51.170, direct labor $41,000, and manufacturing overhead applied $32,800. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $176,300. 2 3. 4.
At May 31, 2022, the accounts of Crane Company show the following. 1. May 1 inventories-finished goods $10,330, work in process $12,050, and raw materials $6,720. May 31 inventories-finished goods $7,790, work in process $13,040, and raw materials $5,820. Debit postings to work in process were direct materials $51.170, direct labor $41,000, and manufacturing overhead applied $32,800. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $176,300. 2 3. 4.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At May 31, 2022, the accounts of Crane Company show the following.
1
2
3.
4.
May 1 inventories-finished goods $10,330, work in process $12,050, and raw materials $6,720.
May 31 inventories-finished goods $7,790, work in process $13,040, and raw materials $5,820.
Debit postings to work in process were direct materials $51.170, direct labor $41,000, and manufacturing overhead applied
$32,800. (Assume that overhead applied was equal to overhead incurred.)
Sales revenue totaled $176,300.
Prepare an income statement for May 2022 through gross profit.
:
TOCATO
CRANE COMPANY
(Partial) Income Statement
Prepare the balance sheet section of the manufacturing inventories at May 31, 2022
CRANECOMPANY
(Partial) Balance sheet
#
#
$
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