Primare Corporation has provided the following data concerning last months manufacturing operations Purchases of raw materials $ 32,000 Indirect materials included in manufacturing overhead $ 4,570 Direct labor $ 59,800 Manufacturing overhead applied to work in process $ 87,600 Underapplied overhead $ 4,080 Inventories Beginning Ending Raw materials $ 11,100 $ 18,200 Work in process $ 54,800 $ 66,300 Finished goods $ 33,000 $ 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 Direct Materials Beginning raw materials inventory Add Purchases of raw materials Total raw materials available Less Ending raw materials inventory Raw materials used in production Less Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add Beginning work in process inventory Less Ending work in process inventory Cost of goods manufactured Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory Unadjusted cost of goods sold Add Underapplied overhead Adjusted cost of goods sold

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Posted on Jul 11, 2024

Primare Corporation has provided the following data concerning last months manufacturing operations.


Purchases of raw materials	$	32,000
Indirect materials included in manufacturing overhead	$	4,570
Direct labor	$	59,800
Manufacturing overhead applied to work in process	$	87,600
Underapplied overhead	$	4,080

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.

Direct Materials:

Beginning raw materials inventory	?
Add: Purchases of raw materials	?
Total raw materials available	?
Less: Ending raw materials inventory	?
Raw materials used in production	?
Less: Indirect materials included in manufacturing overhead	?
Direct labor		?
Manufacturing overhead applied to work in process		?
Total manufacturing costs		?
Add: Beginning work in process inventory		?
		?
Less: Ending work in process inventory		?
Cost of goods manufactured		?

Primare Corporation

Schedule of Cost of Goods Sold
Beginning finished goods inventory
Add: Cost of goods manufactured
Cost of goods available for sale
Less: Ending finished goods inventory
Unadjusted cost of goods sold
Add: Underapplied overhead
Adjusted cost of goods sold