Question

Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold (LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. points Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $30,000 $ 4,790 $58,400 $88,200 $ 4,040 eBook Print Inventories Raw materials Work in process Finished goods Beginning $ 10,980 $ 54,200 $ 34,500 Ending $ 18,400 $ 66,100 $ 42,000 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 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. 30,000 Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 18,400 4,790 $ (4,790) 58,400 88,200 Cost of goods manufactured

Answer 1

primare corporation Schedule a cost of goods manufactured particulars Amtin (1) Direct materials: Beginning raw materials Add purchases cess; Ending Raw-materials 10.900 30,000 (18,400) 22500 (4,790) Raw-materials used in production cess. Indirect materials included in manufacturing oH'S Direct labour manufacturing o. His applied to w-i-p Total manufacturing costs Add Beginning w-I-P Inventory Less; closing w- IP Inventory cost of goods manufactured 58,400 88,200 164 310 54,200 (66, 10o) IS 2410

Statement of cost of goods sold ohn particulars Bibe to the Antin ($ Beginning finished goods 34,500 - Add cost of goods manufactured 152,410 Less Ending finished goods (42,000) unadjusted colt d goods doll 144,910. Adds under applied on. 470.00 P Adjusted cost of goods sold 148, 910 CLUB

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