Question

Managerial accounting. Not too sure how to get any of the other answers for this

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. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $30,000 $ 4,810 $59,800 $88,200 $ 4,040 Inventories Beginning Ending Raw materials $10,700 $19,800 Work in $54,500 $66,600 process Finished $33,100 $43,500 goods 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 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 10,700 Add: Purchases of raw materials 30,000 Total raw materials available 40,700 Less: Ending raw materials inventory 19,800 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 66,600 Less: Ending work in process inventory Cost of goods manufactured < Required 1 Required 2 >

Answer 1

1	Primare Corporation
	SCHEDULE OF COST OF GOODS MANUFACTURED
		$	$
	Direct materials:
	Beginning Raw materials inventory	10,700.00
	Add: Raw materials purchases	30,000.00
	Raw materials available for use	40,700.00
	Less: Ending Raw materials inventory	(19,800.00)
	Raw materials used in production	20,900.00
	Less: Indirect Materials included in manufacturing overhead	(4,810.00)	16,090.00
	Direct labor		59,800.00
	Manufacturing Overhead applied to work in process		88,200.00
	Total manufacturing costs		164,090.00
	Add: Beginning Work in process inventory		54,500.00
	Total cost of work in process		218,590.00
	Less: Ending Work in process inventory		(66,600.00)
	Cost of goods manufactured		151,990.00
	Primare Corporation
2	Schedule of cost of goods sold for the year
		$
	Beginning Finished Goods	33,100.00
	Add: Cost of goods manufactured	151,990.00
	Cost of goods available for sale	185,090.00
	Less: Ending Finished Goods	(43,500.00)
	Unadjusted Cost of goods sold	141,590.00
	Add: Under applied overhead	4,040.00
	Adjusted Cost of goods sold	145,630.00