Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,530 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,190 Inventories Beginning Ending Raw materials $ 10,300 $ 19, 100 Work in process $55,500 $ 69,700 Finished goods $ 33,100 $ 42, 200 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.
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,530 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,190 Inventories Beginning Ending Raw materials $ 10,300 $ 19, 100 Work in process $55,500 $ 69,700 Finished goods $ 33,100 $ 42, 200 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please step by step solution.
Transcribed Image Text:Primare Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials $ 32,000
Indirect materials used in production $ 4,530
Direct labor $ 58,000
Manufacturing overhead applied to work in process $ 87,200
Underapplied overhead $ 4,190
Inventories Beginning Ending
Raw materials $ 10,300 $ 19, 100
Work in process $55,500 $ 69,700
Finished goods $ 33,100 $ 42, 200
Transcribed Image Text: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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education