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 manufacturing overhead Direct labor Manufacturing overhe Underapplied overhead s 30,e00 4,930 58,600 87,280 S 4,040 Raw materials Work in process Finished goods 10,000 19,200 $ 54,700 % 69,000 33,e00 43,30e 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. Prepare a schedule of cost of goods manufactured for the month Primare Corporation le of Cost of Goods Manufactured

Explanation / Answer

Answer: Requirement 1 Schedule of Cost of Goods Manufactured For the month just completed Direct material used Raw material inventory, beginning $                      10,000.0 Add: Purchases of raw material $                      30,000.0 Raw material available for use $                      40,000.0 ($10,000+30,000) Less: Raw material inventory, ending $                      19,200.0 Raw material used in production $                      20,800.0 ($40,000-19,200) Less: Indirect material used $                        4,930.0 Direct material used $                      15,870.0 ($20,800-4930) Direct labor incurred: $                      58,600.0 Manufacturing overhead applied $                      87,200.0 Total manufacturing overhead cost added to this period $                  1,61,670.0 ($15,870+58,600+87,200) Beginning work-in process $                      54,700.0 Total work in process $                  2,16,370.0 ($161,670+54,700) Less: Work in process inventory, ending $                      69,000.0 Cost of goods manufactured $                  1,47,370.0 ($216,370-69,000) Requirement 2 Cost of Goods Sold Statement For the month just completed Cost of goods sold: Finished goods inventory, beginning $                   33,000.00 Add: Cost of goods manufactured $                1,47,370.00 Cost of goods available for sale $                1,80,370.00 (33,000+147,370) Less: Finished goods inventory, ending $                   43,300.00 Unadjusted cost of goods sold $                1,37,070.00 (180,370-43,300) Add: Underapplied overhead $                      4,040.00 Adjusted cost of goods sold $                1,41,110.00 ($137,070+4,040)

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