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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

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 $ 4,860
Direct labor $ 58,800
Manufacturing overhead applied to work in process $ 88,600
Underapplied overhead $ 4,070

Inventories Beginning Ending
Raw materials $ 10,700 $ 19,400
Work in process $ 55,500 $ 66,300
Finished goods $ 34,300 $ 43,500

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.

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