Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor $ 30,000 $ 5,000 $ 58,000 Manufacturing overhead applied to work in process Underapplied overhead $ 87,000 $ 4,000 Inventories Raw materials Work in process Finished goods Required: Beginning Ending $ 12,000 $ 18,000 $ 56,000 $ 65,000 $ 35,000 $ 42,000 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. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials $ 12,000 30,000 Total raw materials available 42,000 Less: Ending raw materials inventory 18,000 Raw materials used in production 24,000 Less: Indirect materials used in production 5,000 Direct materials used in production $ 19,000 Manufacturing overhead Direct labor 58,000 87,000 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 56,000 164,000 220,000 65,000 $ 155,000 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