Question

Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,900 $58,400 $87,300 $ 4,140 Inventories Beginning Ending Raw materials $11,700 $18,800 Work in $54,600 $65,600 process Finished $34,100 $43,800 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production $ 11,700 31,000 42,700 | 18,800 23,900 4,900 3 $ 19,000 58,400 87,300 54,600X x Direct labor Manufacturing overhead Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 219,300 219,300 65,600 $ 153,700 Required 1 Required 2 >

Answer 1

1	Primare Corporation
	SCHEDULE OF COST OF GOODS MANUFACTURED
		$	$
	Direct materials:
	Beginning Raw materials inventory	11,700.00
	Add: Raw materials purchases	31,000.00
	Raw materials available for use	42,700.00
	Less: Ending Raw materials inventory	(18,800.00)
	Raw materials used in production	23,900.00
	Less: Indirect Materials included in manufacturing overhead	(4,900.00)	19,000.00
	Direct labor		58,400.00
	Manufacturing Overhead applied to work in process		87,300.00
	Total manufacturing costs		164,700.00
	Add: Beginning Work in process inventory		54,600.00
	Total cost of work in process		219,300.00
	Less: Ending Work in process inventory		(65,600.00)
	Cost of goods manufactured		153,700.00
	Primare Corporation
2	Schedule of cost of goods sold for the year
		$
	Beginning Finished Goods	34,100.00
	Add: Cost of goods manufactured	153,700.00
	Cost of goods available for sale	187,800.00
	Less: Ending Finished Goods	(43,800.00)
	Unadjusted Cost of goods sold	144,000.00
	Add: Under applied overhead	4,140.00
	Adjusted Cost of goods sold	148,140.00