Complete this question by entering your answers in the tabs below. 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 Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory < Required 1 35,000 155,000 190,000 Required 2 >
Complete this question by entering your answers in the tabs below. 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 Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory < Required 1 35,000 155,000 190,000 Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Is part 1 right? How do I solve part 2?
Transcribed Image Text:Primare Corporation has provided the following data concerning last month's manufacturing operations.
$ 30,000
$ 5,000
$ 58,000
$ 87,000
$ 4,000
Purchases of raw materials
Indirect materials used in production
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead.
Inventories
Raw materials
Work in process
Finished goods
Beginning
$ 12,000
$ 56,000
$ 35,000
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.
Required 1
Complete this question by entering your answers in the tabs below.
Ending
$ 18,000
$ 65,000
$ 42,000
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
Beginning finished goods inventory
Add: Cost of goods manufactured
Cost of goods available for sale
Less: Ending finished goods inventory
< Required 1
35,000
155,000
190,000
Required 2 >
Transcribed Image Text:Primare Corporation has provided the following data concerning last month's manufacturing operations.
$ 30,000
$5,000
Purchases of raw materials
Indirect materials used in production
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead
Inventories
Raw materials
Work in process
Finished goods
Beginning
$ 12,000
Ending
$ 18,000
$ 56,000
$ 65,000
$ 35,000 $ 42,000
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.
Required 1 Required 2
Complete this question by entering your answers in the tabs below.
Prepare a schedule of cost of goods manufactured for the month.
Primare Corporation
Schedule of Cost of Goods Manufactured
Beginning work in process inventory
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 used in production
Direct materials used in production
Direct labor
Manufacturing overhead
$ 58,000
$ 87,000
$ 4,000
Total manufacturing costs added to production
Total manufacturing costs to account for
Less: Ending work in process inventory
Cost of goods manufactured
< Required 1
$ 12,000
30,000
42,000
18,000
24,000
5,000
$
19,000
58,000
87,000
Required 2
>
$ 56,000
$
164,000
220,000
65,000
155,000
Expert Solution
Step 1
SHEDULE OF COST OF GOODS MANUFACTURED
Schedule of Cost of Goods Manufacturing States the total Cost incurred during manufacturing of a Product in a Specific Period.
Cost of Goods Manufactured Includes all Direct Cost & Indirect Cost During the Period.
These Cost are Direct Materials Cost, Direct Labour Cost & Manufacturing Overhead.
SCHEDULE OF COST OF GOODS SOLD
Schedule of Cost of Goods Sold States the Amount of Cost Included in the number of Units Sold During the Period.
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