Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,990 Direct labor $ 59,000 Manufacturing overhead applied to work in process $ 88,200 Underapplied overhead $ 4,130 Inventories Beginning Ending Raw materials $ 11,700 $ 18,600 Work in process $ 55,800 $ 67,300 Finished goods $ 33,400 $ 42,900 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 $ 30,000 Indirect materials used in production $ 4,990 Direct labor $ 59,000 Manufacturing overhead applied to work in process $ 88,200 Underapplied overhead $ 4,130 Inventories Beginning Ending Raw materials $ 11,700 $ 18,600 Work in process $ 55,800 $ 67,300 Finished goods $ 33,400 $ 42,900 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
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Primare Corporation has provided the following data concerning last month’s manufacturing operations.
| Purchases of raw materials | $ | 30,000 |
| Indirect materials used in production | $ | 4,990 |
| Direct labor | $ | 59,000 |
| Manufacturing |
$ | 88,200 |
| Underapplied overhead | $ | 4,130 |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 11,700 | $ | 18,600 |
| Work in process | $ | 55,800 | $ | 67,300 |
| Finished goods | $ | 33,400 | $ | 42,900 |
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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