Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold (L03.) 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 $ 31,000 $ 4,550 $ 58,000 $ 37,500 $ 4,010 Inventories Raw materials Work in process Finished goods Beginning $ 11,500 $ 54,500 $ 34,700 Ending $ 19,200 $ 66,900 $ 43,300 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 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 Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured 41 $ 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 11,500 31,000 42,500 19,200 23,300 4,550 Direct labor $ 18,750 58 000 87,500 Manufacturing overhead 164,250 164 250 Total manufacturing costs added to production Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured Required 1 Required 2 > Requwed 1 Required 2 5 points Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied out is closed to cost of Goods Sold BOOK $36.700 Print erences Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add Cost of goods manufactured Cost of goods walable for sale Less Ending finished goods inventory Unadjusted cost of goods sold Less Overapplied overhead Adjusted cost of goods sold