Exercise 3-3 (Static) 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 $30,000 $ 5,000 $58,000 $87,000 $ 4,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 12,000 $18,000 $ 56,000 $65,000 $ 35,000 $ 42,000 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. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Total raw materials available Raw materials used in production Direct materials used in production $ 0 0 Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured 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