Question

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 $ 31,000 $ 4,640 $ 58,200 $ 88,400 $ 4,020 Inventories Beginning Ending Raw materials $11,700 $19,100 Work in $55,800 $68,700 process Finished $34,000 $43,200 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: Total raw materials available Raw materials used in production $ 0 Total manufacturing costs 0 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	11700
Add: Purchases of raw materials	31000
Total raw materials available	42700
Less: Ending raw materials inventory	19100
Raw materials used in production	23600
Less: Indirect materials used	4640	18960
Direct labor		58200
Manufacturing overheads		88400
Total manufacturing costs		165560
Add: Beginning work in process inventory		55800
		221360
Less: Ending work in process inventory		68700
Cost of goods manufactured		152660

2.

Primare Corporation
Schedule of Cost of Goods Sold
Beginning finished goods inventory	34000
Add: Cost of goods manufactured	152660
Cost of goods available for sale	186660
Less: Ending finished goods inventory	43200
Unadjusted Cost of goods sold	143460
Add: Underapplied overhead	4020
Adjusted cost of goods sold	147480