Primare Corporation has provided the following data concerning last month\'s man

Question

Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in sanufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $ 32,88e 4,980 $ 59,106 $ 88,998 $ 4,128 tories Beginning |Ending Raw materials Work in process Finished goods s 11,200 $ 18,400 $55,9e0 $ 67,100 34,900 $ 42,680 Required: 1. Prepare a schedule of cost of goods manufactured for the montn. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost 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. Cost of Goods Manutactured Direct materials

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct Materials: Raw materials inventory, beginning 11200 Add: Purchases of raw materials 32000 Total raw materials available 43200 Less: Raw materials inventory, ending 18400 Raw materials used in production 24800 Less: Indirect materials included in manufacturing overhead 4980 19820 Direct Labor 59100 Manufacturing overhead applied to work in process 88900 Total manufacturing costs 167820 Add: Work in process inventory, beginning 55900 223720 Less: Work in process inventory, ending 67100 Cost of goods manufactured 156620 2 Schedule of Cost of Goods Sold Finished goods inventory, beginning 34900 Add: Cost of goods manufactured 156620 Cost of goods available for sale 191520 Less: Finished goods inventory, ending 42600 Unadjusted cost of goods sold 148920 Add: Underapplied overhead 4120 Adjusted cost of goods sold 153040

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