Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 31,000 $ 4,680 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 Ending $ 11,600 $ 19,500 $ 54,600 $ 65,400 $ 33,600 $ 42,300 $ 58,800 $ 88,400 $ 4,160 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Primare Corporation has provided the following data concerning last month's manufacturing operations.
$ 31,000
$ 4,680
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
Ending
$ 11,600 $ 19,500
$ 54,600 $ 65,400
$ 33,600 $ 42,300
$ 58,800
$ 88,400
$ 4,160
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.
Transcribed Image Text:Primare Corporation has provided the following data concerning last month's manufacturing operations. $ 31,000 $ 4,680 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 Ending $ 11,600 $ 19,500 $ 54,600 $ 65,400 $ 33,600 $ 42,300 $ 58,800 $ 88,400 $ 4,160 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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