Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3]

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

Purchases of raw materials	$	31,000
Indirect materials included in manufacturing overhead	$	4,500
Direct labor	$	58,600
Manufacturing overhead applied to work in process	$	87,700
Underapplied overhead	$	4,110

Inventories	Beginning		Ending
Raw materials	$	10,100	$	19,200
Work in process	$	54,200	$	65,000
Finished goods	$	34,900	$	43,000

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.