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Primare Corporation has provided the following data concerning last months manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials included in manufacturing overhead $
Primare Corporation has provided the following data concerning last months manufacturing operations.
Purchases of raw materials | $ | 31,000 |
Indirect materials included in manufacturing overhead | $ | 4,660 |
Direct labor | $ | 58,500 |
Manufacturing overhead applied to work in process | $ | 88,600 |
Underapplied overhead | $ | 4,150 |
Inventories | Beginning | Ending | ||
Raw materials | $ | 11,300 | $ | 18,600 |
Work in process | $ | 54,500 | $ | 67,700 |
Finished goods | $ | 34,500 | $ | 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.
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