Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor $ 32,000 $ 4,550 $ 59,700 Manufacturing overhead applied to work in process Underapplied overhead $ 87,100 $ 4,140 Inventories Beginning Ending Raw materials $ 11,500 $ 19,000 Work in process $ 54,200 $ 67,000 Finished goods $ 33,200 $ 43,600 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. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available $ 11,500 32,000 43,500 Less: Ending raw materials inventory 18,000 Raw materials used in production 25,500 x Less: Indirect materials used in production 4,550 Direct materials used in production $ 20,950 Direct labor 59,700 87,100 Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 54,200 167,750 221,950 67,000 $ 288,950 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 288,950 x 33,200 x Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold 322,150 x 43,600 278,550 x 4,140 $ 282,690 x