Crane Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials...

Transcribed Image Text:

Crane Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials $310000 $260000 inventory Work in process 300000 160000 inventory Finished goods 190000 150000 inventory During 2020, $780000 of raw materials were purchased, direct labor costs amounted to $551100, and manufacturing overhead incurred was $704000. If Crane Company's cost of goods manufactured for 2020 amounted to $1845100, its cost of goods soid for the year is O $1705100. O $1955100. $1805100. O $1885100. Crane Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials $310000 $260000 inventory Work in process 300000 160000 inventory Finished goods 190000 150000 inventory During 2020, $780000 of raw materials were purchased, direct labor costs amounted to $551100, and manufacturing overhead incurred was $704000. If Crane Company's cost of goods manufactured for 2020 amounted to $1845100, its cost of goods soid for the year is O $1705100. O $1955100. $1805100. O $1885100.

Answer rating: 100% (QA)

Cost of goods soldBeginning finished goodsCost of goods manufa... View the full answer