Question

Chapter 3 Exercises Saved Primare Corporation has provided the following data concerning last month's manufacturing operations. 20 points Skipped Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $ 30,000 $ 4,580 $ 59,000 $ 88,000 $ 4,020 eBook Hint Inventories Beginning Ending Raw $11,500 $18,200 materials Work in $55,400 $67,800 process Finished $34,900 $43,300 goods Print References 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. Complete the question by entering your answers in the tabs below. Required Required 1 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Required 1 Required 2 >

Answer 1

Primare Corporation Schedule of Cost of Goods manufactured Direct materials: Beginning raw materials inventory $ 11,500 Add: Purchases of raw materials | $30,000 Total raw materials available $ 41,500 LEAS: Ending raw materials inventory & 18,200 Raw materials used in production & 23,300 Indlinest materials included in the $ a 4, 580 manufacturing overhead $ 10,720 4 soo Direct labor $ 59,000 Manufactwuing overhead applied to work $ 88,000 in process Total manufacturing costs $ 165,720 Addi Beginning work in process inventory $ 55,400 $221, 120 Less Ending work in process inventory $ 67,800 Cost of goods manufactured $ 153,320

Parimare Corporation Schedule of cast of Goods Beginning finished goods inventory | Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold sold $ 34,900 $ 153,320 $ 188,220 43,300 $ 144,920 $ 4,020 $ 148,940