At May 31, 2020, the accounts of Crane Company show the following.

1. May 1 inventories—finished goods $13,200, work in process $15,000, and raw materials $8,700.
2. May 31 inventories—finished goods $9,800, work in process $16,500, and raw materials $7,300.
3. Increases to work in process were direct materials $63,100, direct labor $50,900, and manufacturing overhead applied $42,900.
4. Sales revenue totaled $216,500

Explanation:

1. Cost of goods manufactured schedule

Beginning work-in-process inventory                                 $15,000

Add:

Direct materials $63,100

Direct labor        $50,900

Manufacturing overhead $42,900

Total manufacturing cost                                                       $156,900

Less: ending work-in-process inventory                              -$16,500

Cost of goods manufactured                                                 $155,400

2. The income statement is presented below:

Sales revenue                                                                         $216,500

Less: Cost of goods sold

Beginning finished goods inventory  $13,200

Cost of goods manufactured              $155,400

Less: Ending finished goods inventory  -$9,800                -$158,800

Gross profit                                                                               $57,700

3. The balance is presented below:

Raw materials       $7,300

Work-in process   $16,500

Finished goods     $9,800

Total inventory      $33,600

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability

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