Question

Primare Corporstion has provided the following dats concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufactur Underapplied overhead $ 31,800 $4,920 $ 58,688 4,030 ing overhead applied to work in process Inventories Raw materials Work in process Finished goods Beginning Ending $10,180 18,688 $54,180 $69,88a $34,780 $43,78a Required: 1. Prepsre 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 Goods Sold. Complete the question by entering your answers in the tabs below Required 1 Required 2 Prepare a schedule of cost of gaads manufactured for the month. Schedule of Cost of Goods Manufactured Direct materials Tatal raw materials available Raw materials used in productian

Answer 1

1.

Primare Corporation
Schedule of cost of goods manufactured
Direct Meterial
Beginning raw meterial inventory	$ 10,100
Add: Purchase of raw meterial	$ 31,000
Raw meterials available for production	$ 41,100
Less: Ending raw meterial inventory	$ 18,600
Raw material used in production	$ 22,500
Less: Indirect material included in manufacturing overhead	$    4,920	17,580
Direct labour		$    58,600
Manufacturing overhead applied to work in process inventory		$    88,100
Total Manufactoring Cost		$ 164,280
Add:Beginning work in progress inventory		$    54,100
Less: Ending work in progress inventory		$    69,000
Cost of goods manufactured		$ 149,380

2.

Primare Corporation
Schedule of cost of goods sold
Finished goods inventory, beginning	$    34,700
Add: Cost of goods manufactured	$ 149,380
Goods available for sale	$ 184,080
Less: Finished goods inventory, ending	$    43,700
Unadjusted cost of goods sold	$ 140,380
Add: Underapplied overhead	$      4,030
Adjusted cost of goods sold	$ 144,410

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