# Preparing a Schedule of Cost of Goods Manufactured### Primare Corporation Schedule of Cost of Goods Manufactured#### Direct Materials:- (Fields for specific entries related to direct materials) - ________________ - ________________ - Total raw materials available: ________________ - ________________ - Raw materials used in production: ________________#### Direct Materials Used in Production:- ________________- ________________- ________________#### Manufacturing Costs:- Total manufacturing costs added to production: $0- Total manufacturing costs to account for: ________________- ________________#### Final Calculations:- Cost of goods manufactured: ________________### Explanation of the Diagram:The diagram shown is a tabular form used for calculating the Schedule of Cost of Goods Manufactured for Primare Corporation. This schedule includes several sections:1. **Direct Materials**: - This section records the details of raw materials used in production. - It includes spaces for specific entries related to the direct materials. - The 'Total raw materials available' is calculated before determining the 'Raw materials used in production.' 2. **Direct Materials Used in Production**: - This section calculates the cost of materials used during the production phase.3. **Manufacturing Costs**: - This records the total manufacturing costs added to production. - It includes a pre-set value of $0 for illustrative purposes and space for further entries. 4. **Final Calculations**: - The final section details the total manufacturing costs to account for and the final cost of goods manufactured. This structured table is designed to help systematically organize and determine the overall production costs involved in manufacturing for the given month. **Title: Understanding Cost of Goods Manufactured and Cost of Goods Sold****Introduction:**Primare Corporation has provided the following data concerning last month’s manufacturing operations. This data is essential for preparing a schedule of cost of goods manufactured and a schedule of cost of goods sold. **Data Provided:**1. **Purchases and Costs:** - Purchases of raw materials: $30,000 - Indirect materials used in production: $5,000 - Direct labor: $58,000 - Manufacturing overhead applied to work in process: $87,000 - Underapplied overhead: $4,0002. **Inventories:** - **Beginning Inventories:** - Raw materials: $12,000 - Work in process: $56,000 - Finished goods: $35,000 - **Ending Inventories:** - Raw materials: $18,000 - Work in process: $65,000 - Finished goods: $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.**Explanation on how to get the required results:****1. Schedule of Cost of Goods Manufactured:** - **Direct Materials Used:** - Beginning raw materials + Purchases of raw materials - Ending raw materials. - **Total Manufacturing Costs:** - Direct materials used + Direct labor + Manufacturing overhead applied to work in process. - **Total Cost of Work in Process:** - Total manufacturing costs + Beginning work in process inventory. - **Cost of Goods Manufactured:** - Total cost of work in process - Ending work in process inventory.**2. Schedule of Cost of Goods Sold:** - **Beginning Finished Goods Inventory:** - **Add: Cost of Goods Manufactured** - **Less: Ending Finished Goods Inventory** - **Adjust for Underapplied or Overapplied Overhead:** - Add underapplied overhead or subtract overapplied overhead.Understanding these concepts will help in evaluating manufacturing efficiency and financial performance of the company accurately.**Graphs and Diagrams:**There are no graphs or diagrams provided in this data set. The information is presented in tabular

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Description: # Preparing a Schedule of Cost of Goods Manufactured### Primare Corporation Schedule of Cost of Goods Manufactured#### Direct Materials:- (Fields for specific entries related to direct materials) - ________________ - ________________ - Total raw

SOLUTION- 1 PREPARE THE SCHEDULE OF COST OF GOOD MANUFACTURED FOR THE MONTH- PARTICULARS AMOUNT $…

Business

Accounting

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 Ending $ 12,000 $ 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.

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 Ending $ 12,000 $ 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A-6
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 5,000 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,000 Underapplied overhead $ 4,000 Inventories Beginning Ending Raw materials $ 12,000 $ 18,000 Work in process $ 56,000 $ 65,000 Finished goods $ 35,000 $ 42,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month (see picture below for reference). 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 $ 30,000 Indirect materials used in production $ 5,000 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,000 Underapplied overhead $ 4,000 Inventories Beginning Ending Raw materials $ 12,000 $ 18,000 Work in process $ 56,000 $ 65,000 Finished goods $ 35,000 $ 42,000 Can you please help me to do the following: Prepare a schedule of cost of goods manufactured for the month as well as 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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