Crane Company has accumulated the following budget data for the year 2022. 1. Sales: 37,800 units, unit selling price $85. 2. Cost of one unit of finished goods: direct materials 2 pound at $7 per pound, direct labor 3 hours at $15 per hour, manufacturing overhead $5 per direct labor hour. 3. Inventories (raw materials only): beginning. 12,600 pounds; ending, 18,900 pounds. Selling and administrative expenses: $214,200; interest expense: $37,800. 5. Income taxes: 20% of income before income taxes. (a) Prepare a schedule showing the computation of cost of goods sold for 2022. 4.

Crane Company has accumulated the following budget data for the year 2022. 1. Sales: 37,800 units, unit selling price $85. 2. Cost of one unit of finished goods: direct materials 2 pound at $7 per pound, direct labor 3 hours at $15 per hour, manufacturing overhead $5 per direct labor hour. 3. Inventories (raw materials only): beginning. 12,600 pounds; ending, 18,900 pounds. Selling and administrative expenses: $214,200; interest expense: $37,800. 5. Income taxes: 20% of income before income taxes. (a) Prepare a schedule showing the computation of cost of goods sold for 2022. 4.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 3PB: TIB makes custom guitars and prepared the following sales budget for the second quarter It also has...

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