Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation provided the following data for last month's manufacturing operations. 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 Ending Beginning $ 11,400 $ 18,100 $ 54,900 $ 69,100 $ 34,400 $ 42,600 $ 31,000 $ 4,500 $ 59,900 $ 87,600 $ 4,060 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3]
Primare Corporation provided the following data for last month's manufacturing operations.
Purchases of raw materials
$ 31,000
Indirect materials used in production
$ 4,500
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead
Inventories
Raw materials
Work in process
Finished goods
Beginning Ending
$ 11,400
$ 18,100
$ 54,900
$34,400
$ 69,100
$ 42,600
$ 59,900
$ 87,600.
$ 4,060
Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Transcribed Image Text:Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation provided the following data for last month's manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,500 Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning Ending $ 11,400 $ 18,100 $ 54,900 $34,400 $ 69,100 $ 42,600 $ 59,900 $ 87,600. $ 4,060 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Prepare a schedule of cost of goods manufactured.
Direct materials:
Total raw materials available
Raw materials used in production
Direct materials used in production
Primare Corporation
Schedule of Cost of Goods Manufactured
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
Required 1
Required 2
< Required 1
Required 2 >
Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Primare Corporation
Schedule of Cost of Goods Sold
< Required 1
Required 2 >
Transcribed Image Text:Prepare a schedule of cost of goods manufactured. Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Primare Corporation Schedule of Cost of Goods Manufactured Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured Required 1 Required 2 < Required 1 Required 2 > Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Primare Corporation Schedule of Cost of Goods Sold < Required 1 Required 2 >
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