Question

Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold (LO3-3] Primare Corporation has provided the following date 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 $31,600 $ 4,950 $59,400 $87,200 $ 4,160 Inventories Raw materials Work in process Finished goods Beginning $ 10,400 $ 55,600 $ 34,400 Ending $ 19,600 $ 67,000 $ 42,500 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 Prey 1 of 3 Next >

Answer 1

55600 1) Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory 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 materials used in production Direct labor Manufacturing overhead appied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 10400 31000 41400 19600 21800 4950 16850 59400 87200 163450 219050 67000 152050 2) 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 34400 152050 186450 42500 143950 4160 148110