Question

Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,790 $59,300 $88,700 $ 4,020 Inventories Raw materials Work in process Finished goods Beginning $ 10,400 $ 54,600 $ 34,800 Ending $ 18,700 $ 69,100 $ 42,500 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. 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

Answer 1

1.

Primare Corporation
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials, beginning	10,400
Purchase of raw materials	31,000
Total raw materials available	$41,400
Raw materials, ending	-18,700
Raw materials used in production		$22,700
Direct labor		59,300
Manufacturing overhead applied		88,700
Total manufacturing cost		$170,700
Beginning work in process		54,600
		$225,300
Ending work in process		-69,100
Cost of goods manufactured		$156,200

2.

Primare Corporation
Schedule of Cost of Goods Sold
Finished goods, beginning	34,800
Cost of goods manufactured	156,200
Cost of goods available for sale	$191,000
Finished goods, ending	-42,500
Unadjusted cost of goods sold	$148,500
Under applied overhead	4,020
Adjusted cost of goods sold	$152,520

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