Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i got my initial answers wrong so anything helps. thank u!! Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold

i got my initial answers wrong so anything helps. thank u!!
image text in transcribed
image text in transcribed
image text in transcribed
Exercise 3-3 (Algo) 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 $ 31,000 Indirect materials used in production $ 4,880 Direct labor $ 59,800 Manufacturing overhead applied to work in process $ 88,700 Underapplied overhead $ 4,150 Inventories Work in process Raw materials Finished goods Beginning $ 55,800 $ 11,100 $ 34,600 Ending $ 66,900 $ 18,800 $ 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Purchases of raw materiais $ 11.100 Add: Purchases of raw materials 31,000 Total raw materials available 41,800 Less: Ending raw materials inventory 18,300 Raw materials used in production 23,500 Less: Indirect materials used in production 4,880 Direct materials used in production Direct labor Manufacturing overhead $ 18,620 59,800 88,700 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 167,120 167.120 69,500 152,020 $ Roomid 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 DO Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overa Goods Sold. Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold Es 33,700 152,020 185,720 42,200 143,520 4,140 147,660 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting For Managerial Planning Decision Making And Control

Authors: Woody Liao, Andrew Schiff, Stacy Kline

6th Edition

1516551702, 9781516551705

More Books

Students also viewed these Accounting questions

Question

Find LCM and GCF of each pair 60, 35

Answered: 1 week ago