Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3]

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

Purchases of raw materials	$	31,000
Indirect materials used in production	$	4,720
Direct labor	$	58,200
Manufacturing overhead applied to work in process	$	88,200
Underapplied overhead	$	4,030

Inventories	Beginning		Ending
Raw materials	$	10,600	$	19,200
Work in process	$	54,900	$	68,200
Finished goods	$	34,800	$	43,700

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.

PLEASE MAKE BOTH TABLES AS CLEAR AS POSSIBLE WHEN ANSWERING QUESTION. THANKS!