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 $32,000 $ 4,850 $59,900 $88,700 $ 4,030 Inventories Raw materials Work in process Finished goods Beginning $ 11,900 $ 55,400 $ 34,600 Ending $ 19,400 $ 65,500 $ 44,000 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 Costo 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: 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 included in manufacturing overhead Direct labor 11.900 32,000 44000 19.400 24.600 4,850 $ 19.750 59.900

Answer 1

11900 32000 Primare corporation Schedule of cost of goods Manufactured Direct Materials: Beginning raw materials inventory Add: Purchase of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 43900 19400 24500 4850 19650 59900 88700 168250 55400 223650 65500 Less: Ending work in process inventory Cost of goods manufactured 158150

Primare corporation Schedule of Cost of Goods 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 goods sold 34600 158150 192750 44000 148750 4030 152780