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BRIEF EXERCISE 2-6 Prepare Schedules of Cost of Goods Manufactured and Cost of Goods Sold (LO6) Parmitan Corporation has provided the following data concemning last monthsmanufacturing openation Purchases of raw materials Direct labor erials incluced in $8,000 . ........$41,000 $8,000 Manufacturing overhead applied to work in process Underapplied overhead . . . . Beginning Ending Inventories $24,000 $6,000 $38,000 Raw materials . Work in process Finished goods . $86,000 $93.000 Required I. Prepare a Schedule of Cost of Goods Manufactured. 2. Prepare a Schedule of Cost of Goods Sold. Accounts (L07) had n
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Naming convention is not available, can be slighty different Amount sign of highlighted amount can be +/- per requirement: Solution: Schedule of Cost of goods manufactured Particulars Direct Material: Raw material inventory, beginning Add: Purchase Raw material available Amount $ 24,000 $ 53,000 $ 77,000 $ 6,000 Less: Raw Material inventory, Ending Direct Material used Direct Labor Manufacturing overhead applied Total Manufacturing cost Work in process, beginning $71,000 $ 62,000 $ 41,000 174000 $ 41,000 215000 $ 38,000 177000 Less: lWork in process, endin Cost of goods manufactured Schedule of cost of goods sold Particulars Finished goods, Beginning Cost of goods manufactured Goods available for sale Amount $ 86,000 177000 263000 $ 93,000 170000 $ 8,000 178000 Less: Finished goods, endin Unadjusted Cost of goods sold Underapplied Overhead Cost of goods sold, adjusted

> you forgot to subtract the indirect materials included in manufacturing overhead. it is 8,000

Mairyn Canela Tue, Feb 8, 2022 7:07 AM

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