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 month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Beginning $10,200 Ending $19,600 $ 30,000 $ 4,680 $ 58,700 $87,600 $4,160 Work in process $ 54,400 $ 67,400 Finished goods $ 33,000 $ 43,000 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. Answer is not complete. 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 Add: Purchases of raw materials Total raw materials available. Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Manufacturing overhead Direct labor Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured: 3 + $ 10,200 30,000 19,600 4,680 $ (4,680) 87,600 58,700 54,400 196,020 196,020 67,400 $ 128,620 Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 33,800 128,620 162,420 43,800 118,620 4,160 $ 122,780 < Required 1 guled 2