Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production

image text in transcribed

1 Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 5,000 Direct labor $ 58,000 points Manufacturing overhead applied to work in process Underapplied overhead $ 87,000 $ 4,000 eBook Inventories Rav materials Beginning Ending $ 12,000 $ 18,000 Work in process Finished goods $ 56,000 $ 65,000 $ 35,000 $ 42,000 Hint Print 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 Goods Sold. References Complete this 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 $ 12,000 Add: Purchases of raw materials 30,000 Total raw materials available 42,000 18,000 Raw materials used in production 24,000 Less: Indirect materials used in production 5,000 Direct materials used in production $ 19,000 Direct labor 58,000 87,000 Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 164,000 164,000 155,000 Required 1 Required 2 > I

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Advanced Accounting In Canada

Authors: Hilton Murray, Herauf Darrell

7th Edition

1259066487, 978-1259066481

More Books

Students also viewed these Accounting questions

Question

What community placements are available for practica?

Answered: 1 week ago

Question

Brief the importance of span of control and its concepts.

Answered: 1 week ago

Question

What is meant by decentralisation?

Answered: 1 week ago