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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 | $ | 59,700 |
Manufacturing overhead applied to work in process | $ | 88,300 |
Underapplied overhead | $ | 4,150 |
Inventories | Beginning | Ending | ||
Raw materials | $ | 11,400 | $ | 18,100 |
Work in process | $ | 54,200 | $ | 65,300 |
Finished goods | $ | 34,000 | $ | 42,200 |
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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