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	$	4,710
Direct labor	$	58,800
Manufacturing overhead applied to work in process	$	87,800
Underapplied overhead	$	4,030

Inventories	Beginning		Ending
Raw materials	$	11,600	$	19,000
Work in process	$	55,100	$	68,500
Finished goods	$	33,500	$	43,600

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.