Question

Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] 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 $ 31,000 $ 4,970 $ 58,300 $ 87,100 $ 4,150 Inventories Raw materials Work in process Finished goods Beginning $ 11,100 $ 54,200 $ 33,400 Ending $ 18,100 $ 69,500 $ 43,700 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 clo Goods Sold Complete the question by entering your answers in the tabs below. Renuired 1 Roured

Answer 1

Schedule of cost of good manufactured Direct materials: Raw materials Inventory Beginning $ 11,100 Add:Purchases of raw materials $ 31,000 Raw materials avaliable for use $ 42,100 Less: Raw materails inventory ending $ -18,100 Direct materials used in production 24,000 Less: Indirect materials included in manufacturing overhead -4,970 $ Direct labour $ Manufacturing overhead applied $ Total manufacturing costs $ Add: Work in processs Inventory Beginning $ Less:Work in Process Inventory ending $ Cost of goods manufactured $ $ $ CA 19,030 58,300 87,100 1,64,430 54,200 -69,500 1,49,130 Schedule of cost of good sold Beginning finished goods Inventory Add:Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add:underapplied overhead Adjusted cost of good sold $ $ $ $ $ 33,400 1,49,130 1,82,530 -43,700 1,38,830 4,150 1,42,980 $ $ $