Question

Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. 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

Answer 1

Schedule of Cost of Goods sold a Primare Corporation Schedule of Cost of Goods sold Particulars Beginning Finished Goods Inventory b Add: Cost of goods manufactured Cost of Goods available for sale= a+b d Less: Ending Finished Goods Inventory Unadjusted cost of goods sold =c-d f Add: Under applied overhead Adjusted cost of goods sold=e+f с Amount $33,100 $150.960 $184.060 $43,200 $140.860 $4.040 $144,900 e Note: Schedule of Cost of Goods Manufactured

+ Amount a с Primare Corporation Schedule of Cost of Goods Manufactured Particulars Direct Materials: Raw materials inventory, beginning b Add: Purchases of raw materials Raw materials available for use =a+b d Less: Ending raw materials inventory Direct materials used in production=c-d f Less: Indirect materials used Direct materials used = e-f h Direct Labor j Manufacturing overhead applied k Total manufacturing costs =gth+j 1 Add: Work in process inventory, beginning Less: Work in process inventory, ending Cost of goods manufactured=k+1-m e $10,400 $30,000 $40.400 $18.100 $22,300 $4,740 $17,560 $59,700 $87,400 $164,660 $54,300 $68,000 $150,960 m n