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 $32,000 $ 4,970 $59,700 $88,100 $ 4,070 Inventories Beginning Ending Raw materials $11,500 $18,500 Work irn process Finished goods $34,100 $43,100 $55,500 $67,100 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 sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold Primare Corporation Schedule of Cost of Goods Sold

Answer 1

	Primare Corporation
	Schedule of COG Manufactured
	Opening Work in Progress(A)		55,500
	Cost incurred during the Period:
	Opening Raw Material	11500
	Add: Purchase of RM	32000
	Less: Closing Raw Material	18500
	Raw Material Consumed	25000
	Add: Direct Labor	59700
	Add: Manufactured OH Applied	88100
	Total Cost Incurred(B)		1,72,800
	Closing Work in Progress(C)		67,100
	Cost of Goods Manufactured(A+B-C)		1,61,200
	Primare Corporation
	Schedule of COG Sold
	Opening Finished Goods(A)		34,100
	Add: Cost of Goods Manufactured		1,61,200
	Add: Underapplied OH		4,070
	Less: Closing Finished Goods		43,100
	Cost of Goods Sold		1,56,270