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Please answer costs of goods manufactured in part 1 and all of the questions in part 2 Primare Corporation has provided the following data concerning
Please answer costs of goods manufactured in part 1 and all of the questions in part 2
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 $ 4,840 $59,700 $88,500 $ 4,190 Inventories Raw materials Work in process Finished goods Beginning $ 10,100 $ 55,800 $ 34,000 Ending $ 19,700 $ 65, 100 $ 42,600 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 1 Required 2. Prepare a schedule of cost of goods manufactured for the month. $ 55,800 Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory 10,100 Add: Purchases of raw materials 31,000 Total raw materials available 41,100 Less: Ending raw materials inventory 19,700 Raw materials used in production 21,400 Less: Indirect materials used in production 4,840 Direct materials used in production Direct labor Manufacturing overhead $ 16,560 59,700 88,500 0 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 164,760 220,560 65,100 $ 150,620 X 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 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 soldStep by Step Solution
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