Question
Primare Corporation has provided the following data concerning last months manufacturing operations. Purchase of raw materials $ 30,000 Indirect materials included in manufacturing overhead $
Primare Corporation has provided the following data concerning last months manufacturing operations.
| Purchase of raw materials | $ | 30,000 |
| Indirect materials included in manufacturing overhead | $ | 5,000 |
| Direct labour | $ | 58,000 |
| Manufacturing overhead applied to work in process | $ | 87,000 |
| Underapplied overhead | $ | 4,000 |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 12,000 | $ | 18,000 |
| Work in process | $ | 56,000 | $ | 65,000 |
| Finished goods | $ | 35,000 | $ | 42,000 |
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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Financial And Managerial Accounting
Authors: John J Wild
6th Edition
1259621758, 978-1259621758
