Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,870 Direct labor $ 59,100 $ 87,200 $ 4,010 Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,600 $ 55,100 $ 34,900 Ending $ 18,000 $ 68,200 $ 43,500 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. Complete this question by entering your answers in the tabs below.
Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,870 Direct labor $ 59,100 $ 87,200 $ 4,010 Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,600 $ 55,100 $ 34,900 Ending $ 18,000 $ 68,200 $ 43,500 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. Complete this question by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3]
Primare Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials
$ 32,000
Indirect materials used in production
$ 4,870
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead
Inventories
Raw materials
Work in process
Finished goods
Beginning Ending
$ 10,600 $ 18,000
$ 55,100 $ 68,200
$ 34,900 $ 43,500
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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare a schedule of cost of goods manufactured for the month.
Primare Corporation
Schedule of Cost of Goods Manufactured
$ 59,100
$ 87,200
$ 4,010
Beginning work in process inventory
Direct materials:
Beginning raw materials inventory
Add: Purchases of raw materials
▬▬▬](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F41327b44-9e2f-496e-8770-bc4326af2e2d%2Fe56613f3-c6c1-4b0a-9f49-5ee389579b33%2Fkdifree_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3]
Primare Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials
$ 32,000
Indirect materials used in production
$ 4,870
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead
Inventories
Raw materials
Work in process
Finished goods
Beginning Ending
$ 10,600 $ 18,000
$ 55,100 $ 68,200
$ 34,900 $ 43,500
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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare a schedule of cost of goods manufactured for the month.
Primare Corporation
Schedule of Cost of Goods Manufactured
$ 59,100
$ 87,200
$ 4,010
Beginning work in process inventory
Direct materials:
Beginning raw materials inventory
Add: Purchases of raw materials
▬▬▬
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