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On my assignment it says that requirement 1 is not complete and I am missing something. Could you help me figure out what it is
On my assignment it says that requirement 1 is not complete and I am missing something. Could you help me figure out what it is that I am missing?
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 $ 31,000 $ 4,500 $ 58,500 $ 87,200 $ 4,170 Inventories Beginning $ 11,700 Raw materials Ending $ 18,300 $ 65,900 $ 43,600 Work in process $ 55,800 Finished goods $ 34,300 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a schedule of cost of goods manufactured for the month. 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 Less: Indirect materials used in production Direct materials used in production Direct labor Manufacturing overhead $ 11,700 31,000 42,700 18,300 24,400 4,500 $ 19,900 58,500 87,200 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 165,600 165,600 65,900 $ 155,500 Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 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 Beginning finished goods inventory $ 34,300 Add: Cost of goods manufactured 155,500 Cost of goods available for sale 189,800 Less: Ending finished goods 43,600 inventory Unadjusted cost of goods sold 146,200 Add: Underapplied overhead 4,170 $ Adjusted cost of goods sold 150,370 3Step by Step Solution
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