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 $32,000 $4,700 $59,800 $88,800 $ 4,020 Inventories Raw materials Work in process Finished goods Beginning Ending $ 10,200 $ 18,900 $ 54,200 $ 66,300 $ 34,900 $ 42,580 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, Primare Corporation Schedule of Cost of Goods Manufactured 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. 54,200 Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials Beginning raw materials inventory 10,200 Add. Purchases of raw materials 32,000 Total row materials available 42,200 Less Ending raw materials inventory 18.900 Raw materials used in production 23,300 Less: Indirect materials used in production 4,700 Direct materials used in production Manufacturing overhead Direct labor $ 18,600 88.800 59,800 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 167,200 221,400 68,300 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 sold for the month. Assume the underapplied or overapplied overhead is closed to cost of Goods Sold. $ 34,900 Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods Inventory Add: Cost of goods manufactured Cost of goods available for sale Loss Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold 42,500 4,020