Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Purchases of raw materials | $ | 30,000 |
Indirect materials included in manufacturing overhead | $ | 4,700 |
Direct labor | $ | 60,000 |
Manufacturing overhead applied to work in process | $ | 88,800 |
Underapplied overhead | $ | 4,130 |
Inventories | Beginning | Ending | ||
Raw materials | $ | 11,900 | $ | 18,700 |
Work in process | $ | 55,600 | $ | 65,100 |
Finished goods | $ | 34,700 | $ | 43,200 |
Required:
1. Prepare a schedule of cost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
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Primare Corporation | |
Schedules of cost of goods manufactured | |
Amount $ | |
Direct Materials | |
Beginning materials Inventory | 11,900.00 |
Cost of material purchased | 30,000.00 |
Cost of material available | 41,900.00 |
Less: Ending materials Inventory | 18,700.00 |
Total Material used | 23,200.00 |
Less: Indirect Material used | 4,700.00 |
Direct Material used | 18,500.00 |
Direct Labor | 60,000.00 |
Manufacturing overhead applied | 88,800.00 |
Total Manufacturing costs | 167,300.00 |
Add: Beginning WIP | 55,600.00 |
Total cost of WIP | 222,900.00 |
Less: Ending WIP | 65,100.00 |
Costs of goods manufactured | 157,800.00 |
Schedules of cost of goods sold | |
Costs of goods manufactured | 157,800.00 |
Add: Beginning Finished goods | 34,700.00 |
Costs of goods available | 192,500.00 |
Less: Ending Finished goods | 43,200.00 |
Costs of goods sold before overhead adjustment | 149,300.00 |
Add: Under applied overhead | 4,130.00 |
Costs of goods sold | 153,430.00 |
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases...
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,680 Direct labor $ 59,900 Manufacturing overhead applied to work in process $ 88,800 Underapplied overhead $ 4,030 Inventories Beginning Ending Raw materials $ 10,800 $ 19,200 Work in process $ 55,200 $ 65,400 Finished goods $ 34,000 $ 43,100 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a...
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Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials included in manufacturing overhead $ 4,570 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 88,600 Underapplied overhead $ 4,190 Inventories Beginning Ending Raw materials $ 11,300 $ 19,700 Work in process $ 54,400 $ 67,900 Finished goods $ 34,000 $ 43,900 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare...
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