Required: a. Prepare a schedule of cost of goods manufactured for the month b. P

Question

  

Required:

a. Prepare a schedule of cost of goods manufactured for the month

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

Primare Corporation has provided the following data concerning last month’s manufacturing operations. 2. Prepare a schedule of cost of goods sold for the month Primare Corporation Schedule of Cost of Goods Sold Finished goods inventory, beginning Goods available for sale Unadjusted cost of goods sold Adjusted cost of goods sold

Explanation / Answer

a

b

Cost of goods manufactured Amount Amount Direct materials: Opening stock 10,400 Add purchases 32,000 Total raw materials available 42,400 Less closing stock 18,100 Raw materials used in production 24,300 Less indirect materials 4,600 19,700 Direct labor 59,400 Manufacturing overhead applied 88,700 Total manufacturing costs 1,67,800 Add opening WIP 55,400 Total manufacturing cost to account for 2,23,200 Less closing WIP 65,900 Cost of goods manufactured 1,57,300

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