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How do you determine Total Manufacturing cost from the given information? Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of
How do you determine Total Manufacturing cost from the given information?
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 $ 4,920 $ 59,300 $ 87,700 $ 4,040 Inventories Raw materials Work in process Finished goods Beginning $ 10,100 $ 56,000 $ 33,500 Ending $ 18,500 $ 68,000 $ 42,400 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 Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production 10,100 30,000 40,100 18,500 21,600 Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 21,600 59,300 87,700 168,600 56,000 224,600 68,000 156,600 % Less: Ending work in process inventory Cost of goods manufactured $Step by Step Solution
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