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 $30,000 $ 4,920 $58,300 $88,100 $ 4,200 Inventories Raw materials Work in process Finished goods Beginning $ 10,500 $ 55,400 $ 35,000 Ending $ 19,000 $ 68,200 $ 43,200 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 close 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: < Prev 2 of 6 !!! Next >

Answer 1

Answer-Primare Corporation

Schedule of Cost of Goods Manufactured

Direct Materials:
Raw materials inventory, beginning	$10,500
Add:Purchase of raw materials	$30,000
Total raw materials available	$40,500
Less: Raw materials inventory, ending	$19,000
Raw materials used in production	$21,500
Less: Indirect materials included in manufacturing overhead	$4,920	$16,580
Direct Labor		$58,300
Manufacturing overhead applied to work in process inventory		$88,100
Total Manufacturing Costs		$162,980
Add: Beginning work in process, inventory		$55,400
		$218,380
Less: Ending work in process, inventory		$68,200
Cost of Goods Manufactured		$150,180

Primare Corporation

Schedule of Cost of Goods Sold

Finished goods inventory, beginning	$35,000
Add: Cost of goods manufactured	$150,180
Goods available for sale	$185,180
Less; Finished goods inventory, ending	$43,200
Unadjusted cost of good sold	$141,980
Add: Underapplied overhead	$4,200
Adjusted cost of goods sold	$146,180