Answered step by step
Verified Expert Solution
Question
1 Approved Answer
OP Incorrect for the work you have completed so far. It doe Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases
OP Incorrect for the work you have completed so far. It doe 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 $31,000 $ 4,540 $59,900 $88,500 $ 4,030 Inventories Raw materials Work in process Finished goods Beginning $ 11,000 $ 54,200 $ 33,200 Ending $ 18,900 $ 66,400 $ 43,700 Required: 1. Prepare a schedule of cost of goods manufactured fof the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is Goods Sold. Answer is complete but not entirely correct. CIAL- --- --------- Prey 1 of 1 Score answer > Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It do 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 11,000 31,000 Total raw materials available 000 X 42,000 18,900 23,100 59,900 X $ (36,800) 73,000 36,200 109,200 Less: Ending raw materials inventory Raw materials used in production Less: Beginning work in process inventory Purchases of raw materials Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 54 200 Less: Ending work in process inventory Cost of goods manufactured 163,400 66,400 97,000 $ HE Prey 1 of 1 Score answer Prepare a schedule of cost of goods sold for the month. Assume the underapplied or ove Goods Sold. Primare Corporation Schedule of Cost of Goods Sold $ 33,200 Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Add: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold 97,000 X 130,200 43,700 86,500 X 4,030 $ 90,530
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started