Exercise 2-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO2-6]

Primare Corporation has provided the following data concerning last months manufacturing operations.

Purchases of raw materials	$	32,000
Indirect materials included in manufacturing overhead	$	4,830
Direct labor	$	59,600
Manufacturing overhead applied to work in process	$	88,900
Underapplied overhead	$	4,030

Inventories	Beginning		Ending
Raw materials	$	10,900	$	19,600
Work in process	$	54,500	$	65,500
Finished goods	$	33,700	$	43,500

Required:

1.

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

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Primare Corporation
Schedule of Cost of Goods Manufactured
Direct materials:
Total raw materials available	0
Raw materials used in production	0
		$0
Total manufacturing costs		0
		0
Cost of goods manufactured		$0

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2.

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

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Primare Corporation
Schedule of Cost of Goods Sold
Finished goods inventory, beginning
Goods available for sale	0
Unadjusted cost of goods sold	0
Adjusted cost of goods sold	$0

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Add: Cost of goods manufactured

Add: Finished goods inventory, ending

Add: Overapplied overhead

Add: Underapplied overhead

Less: Cost of goods manufactured

Less: Finished goods inventory, ending

Less: Overapplied overhead

Less: Underapplied overhead

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