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Primare Corporation has provided the following data concerning last months manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,540
Primare Corporation has provided the following data concerning last months manufacturing operations.
Purchases of raw materials | $ 31,000 |
---|---|
Indirect materials used in production | $ 4,540 |
Direct labor | $ 59,600 |
Manufacturing overhead applied to work in process | $ 87,600 |
Underapplied overhead | $ 4,180 |
Inventories | Beginning | Ending |
---|---|---|
Raw materials | $ 10,100 | $ 19,500 |
Work in process | $ 56,000 | $ 67,900 |
Finished goods | $ 35,000 | $ 44,000 |
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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