Exercise 3-3 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 included in manufacturing overhead	$	4,600
Direct labor	$	59,200
Manufacturing overhead applied to work in process	$	88,000
Underapplied overhead	$	4,120

Inventories	Beginning		Ending
Raw materials	$	10,400	$	19,700
Work in process	$	55,800	$	67,100
Finished goods	$	33,900	$	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.

Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production 0 Total manufacturing costs 0 Cost of goods manufactured Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Primare Corporation Schedule of Cost of Goods Sold