Question

Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchase of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $ 31,000 $ 5,000 $58,400 $ 87,900 $ 4,190 Inventories Raw materials Work in process Finished goods Beginning Ending $11,000 $ 18,300 $ 55,800 $ 66,600 $ 33,000 $ 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 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 Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured

Answer 1

1. Schedule of cost of goods manufactured for the month

Direct materials
Beginning Raw materials inventory	$11,000
Add: Purchase of Raw materials	$31,000
Total Raw materials available	$42,000
Less: Ending raw material inventory	($18,300)
Raw materials used in production	$23,700
Less: Indirect materials included ni manufacturing overhead	($5,000)
Direct materials		$18,700
Direct Labour		$58,400
Manufacturing overhead applied to work in process		$87,900
Total manufacturing costs		$165,000
Add: Beginning work-in-process		$55,800
		$220,800
Less: Ending work in process		($66,600)
Cost of goods manufactured		$154,200

2. Schedule of cost of goods sold

Beginning Finished goods inventory	$33,000
Add: Cost of goods manufactured	$154,200
Cost of goods available for sale	$187,200
Less: Ending finished goods inventory	($43,300)
Unadjusted cost of goods sold	$143,900
Add: underapplied Overhead	$4,190
Adjusted cost of goods sold	$148,090

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