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 $ 4,560 $58, 400 $88, 700 $ 4.040 Inventories Raw materials Work in process Finished goods Beginning $ 11, 700 $ 54,800 $ 33, 100 Ending $ 18, 100 $ 68,500 $ 43, 300 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 this 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: Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured < Required 1 Required 2 >

Please explain the process of how you answer the question as detail as possible. Thank you so much.

Answer 1

Schedule of cost of goods manufactured

Beginning Work in process			54800
Direct material used
Beginning Raw material	11700
Raw material purchase	31000
Raw material available for use	42700
Less: Ending Raw material	-18100
Raw material used	24600
Less: Indirect material	-4560
Direct material used		20040
Direct labor		58400
Manufacturing overhead applied		88700
Total manufacturing cost			167140
Total cost of work in process			221940
Less: Ending work in process			-68500
Cost of goods manufactured			153440

Schedule cost of goods sold

Beginning finished goods	33100
Cost of goods manufactured	153440
Cost of goods available for sale	186540
Less: Ending finished goods	-43300
Unadjusted cost of goods sold	143240
Add: Under applied overhead	4040
Adjusted cost of goods sold	147280