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 month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $30,000 $ 4,810 $58,000 $88,600 $ 4,070 Inventories Raw material Work in process Finished goods Beginning Ending $ 10,500 $ 18,600 $ 54,500 $ 66,100 $ 33,700 $ 42,200 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. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Purchases of raw materials S Add: Beginning work in process inventory Total raw materials available Less: Ending work in process inventory Raw materials used in production Less: Ending work in process inventory 30,000 10,500 40,500 19,500 S 0 Total manufacturing costs 0 Cost of goods manufactured Required 1 Required 2 > 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. Primare Corporation Schedule of Cost of Goods Sold