## Inventory and Cost Data from Crane Company for 2022The following costs and inventory data were taken from the accounts of Crane Company for 2022. All raw materials used were direct materials.### Inventories| Date | January 1, 2022 | December 31, 2022 ||---------------------|-----------------|-------------------|| Raw materials | $8,320 | $7,280 || Work in process | $15,600 | $13,520 || Finished goods | $16,640 | $12,480 |### Costs Incurred- **Raw materials purchases**: $101,920- **Direct labor**: $43,680- **Factory rent**: $8,320- **Factory utilities**: $10,400- **Indirect materials**: $6,240- **Indirect labor**: $9,360- **Operating expenses**: $17,680### Schedule Preparation(a) Prepare a schedule showing the amount of direct materials used in production during the year.#### Form for Schedule Preparation- **Raw Materials Inventory, Beginning**: $________- **+ Purchases of Raw Materials**: $________- **= Total Raw Materials Available**: $________- **- Raw Materials Inventory, Ending**: $________- **= Direct Materials Used**: $________(Note: Input the appropriate values based on the given data to complete the schedule.)

Raw Material used in production -Raw Material is an inventory purchased by the company to be used in…

The following costs and inventory data were taken from the accounts of Crane Company for 2022: (Assume all raw materials used were direct materials.) Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses (a) January 1, 2022 $ 8,320 15,600 16,640 December 31, 2022 Raw Materials Inventory, Beginning $ 7,280 13,520 12,480 $ 101,920 43,680 8,320 10,400 6,240 9,360 17,680 Prepare a schedule showing the amount of direct materials used in production during the year. $ $

The following costs and inventory data were taken from the accounts of Crane Company for 2022: (Assume all raw materials used were direct materials.) Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases Direct labor Factory rent Factory utilities Indirect materials Indirect labor Operating expenses (a) January 1, 2022 $ 8,320 15,600 16,640 December 31, 2022 Raw Materials Inventory, Beginning $ 7,280 13,520 12,480 $ 101,920 43,680 8,320 10,400 6,240 9,360 17,680 Prepare a schedule showing the amount of direct materials used in production during the year. $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
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