Exercise $3-3($Algo$)$ Schedules of Cost of Goods Manufactured and Cost of Goods Sold $[$LO$3-3]$

Primare Corporation provided the following data for last month's manufacturing operations.

$\backslash$table$[[$Purchases of raw materials,$$32,000],[$Indirect materials used in production,$$4,730],[$Direct labor,$$58,500],[$Manufacturing overhead applied to work in process,$$88,400],[$Underapplied overhead,$$4,160]]$

$\backslash$table$[[$Inventories$,$Beginning,Ending$],[$Raw materials,$$11,900,$$$19,700],[$Work in process,$$55,400,$$$67,600],[$Finished goods,$$34,700,$$$43,800]]$

Required:

Prepare a schedule of cost of goods manufactured.

Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

Complete this question by entering your answers in the tabs below.

Required $1$

Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goo

$\backslash$table$[[$Primare Corporation$],[$Schedule of Cost of Goods Sold$],[$Beginning finished goods inventory,$$34,700],[$Add: Cost of goods manufactured,$],[$Cost of goods available for sale,$],[$Less: Ending finished goods inventory,$],[$Unadjusted cost of goods sold,$],[$Add: Underapplied overhead,$],[,]]$

Required $1$

Required $2$

Prepare a schedule of cost of goods manufactured.

$\backslash$table$[[$Primare Corporation$],[$Schedule of Cost of Goods Manufactured$],[$Beginning work in process inventory,,,$$555,400],[$Direct materials:$],[$Beginning raw materials inventory,$$$11,900,,],[$Add: Purchases of raw materials,$32,000,,],[$Total raw materials available,$43,900,,],[$Less: Ending raw materials inventory,$19,700,,],[$Raw materials used in production,$24,200,,],[$Less: Manufacturing overhead cost,$4,730,,],[$Direct materials used in production,,$$19,470,],[$Direct labor,,$58,500,],[$Manufacturing overhead,,$88,400,],[,,,],[$Total manufacturing costs added to production,,,$166,370],[$Total manufacturing costs to account for,,,$221,770],[$Less: Ending work in process inventory,,,$67,600],[$Cost of goods manufactured,,,$]]$