Question

Please help answer. Make sure answers are correct... The last question I uploaded, the person doing the problem literally got everything wrong even though I copied and pasted question exactly how it was written out.   

Primace Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $31,000 Indirect materials included in manufacturing overhead $4,700 Direct labor $58,500 Manufacturing overhead applied to process $87,900 Underapplied overhead applied to work Inventories BeginningEnding Raw materials $10,800 $18,400 Work in process$55,500 $65,700 Finished goods $33,500 $42,600 - 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. d States) O Focus DE

Answer 1

Schedule of Cost of Goods Sold
Direct materials:
Raw materials inventory, beginning	$10,800.00
Add: Purchases of raw materials	$31,000.00
Total raw materials available	$41,800.00
Less: Raw materials inventory, ending	-$18,400.00
Raw materials used in production	$23,400.00
Less: Indirect materials included in manufacturing overhead	-$4,700.00	$18,700.00
Direct labor		$58,500.00
Manufacturing overhead applied to work in process inventory		$87,900.00
Total manufacturing costs		$165,100.00
Add: Beginning work in process inventory		$55,500.00
		$220,600.00
Less: Ending work in process inventory		-$65,700.00
Cost of goods manufactured		$154,900.00

Schedule of Cost of Goods Sold
Finished goods inventory, beginning	$33,500.00
Add: Cost of goods manufactured	$154,900.00
Goods available for sale	$188,400.00
Less: Finished goods inventory, ending	-$42,600.00
Unadjusted cost of goods sold	$145,800.00
Add: Underapplied overhead	$4,020.00
Adjusted cost of goods sold	$149,820.00