Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,930 $58,800 $88,800 $ 4,140 Beginning Ending Inventories Raw materials $11,100 $19,100 Work in $55,200 $68,500 process Finished goods $33,400 $42,800 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 clos to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required Required 1 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production ss: Indirect used in production 4,930 Direct materials used in production Direct labor Manufacturing overhead (4,930) 58,800 88,800 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 142,670 142,670 68,500
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead $31,000 $ 4,930 $58,800 $88,800 $ 4,140 Beginning Ending Inventories Raw materials $11,100 $19,100 Work in $55,200 $68,500 process Finished goods $33,400 $42,800 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 clos to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required Required 1 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production ss: Indirect used in production 4,930 Direct materials used in production Direct labor Manufacturing overhead (4,930) 58,800 88,800 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 142,670 142,670 68,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Looking for answers for remaining empty boxes
![Primare Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials
Indirect materials used in production
Direct labor
Manufacturing overhead applied to work
in process
Underapplied overhead
$31,000
$ 4,930
$58,800
$88,800
$ 4,140
Inventories Beginning Ending
Raw materials $11,100 $19,100
Work in
$55,200 $68,500
process
Finished
goods
$33,400 $42,800
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 Required
1
Prepare a schedule of cost of goods manufactured for the month.
Primare Corporation
Schedule of Cost of Goods Manufactured
Direct materials:
Beginning raw materials inventory
Add: Purchases of raw materials
Total raw materials available
Less: Ending raw materials inventory
Raw materials used in production
Less: Indirect materials used in production
4,930
$
(4,930)
58,800
88,800
Direct materials used in production
Direct labor
Manufacturing overhead
Total manufacturing costs added to
production
Total manufacturing costs to account for
Less: Ending work in process inventory
Cost of goods manufactured
142,670
142,670
68,500
Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d8ced1e-c405-49cc-9707-ee99115bb45e%2Fc5007745-0faa-49c7-8074-a3f898723158%2F5f6tc6s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Primare Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials
Indirect materials used in production
Direct labor
Manufacturing overhead applied to work
in process
Underapplied overhead
$31,000
$ 4,930
$58,800
$88,800
$ 4,140
Inventories Beginning Ending
Raw materials $11,100 $19,100
Work in
$55,200 $68,500
process
Finished
goods
$33,400 $42,800
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 Required
1
Prepare a schedule of cost of goods manufactured for the month.
Primare Corporation
Schedule of Cost of Goods Manufactured
Direct materials:
Beginning raw materials inventory
Add: Purchases of raw materials
Total raw materials available
Less: Ending raw materials inventory
Raw materials used in production
Less: Indirect materials used in production
4,930
$
(4,930)
58,800
88,800
Direct materials used in production
Direct labor
Manufacturing overhead
Total manufacturing costs added to
production
Total manufacturing costs to account for
Less: Ending work in process inventory
Cost of goods manufactured
142,670
142,670
68,500
Required 1
Required 2 >
![Primare Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials
Indirect materials used in production
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead
$31,000
$ 4,930
$58,800
$88,800
$ 4,140
Beginning
Inventories
Raw materials
Work in process
Finished goods
Ending
$11,100 $ 19,100
$55,200
$ 68,500
$33,400
$ 42,800
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 sold for the month. Assume the underapplied or overapplied overhead is closed to Cost
of Goods Sold.
Primare Corporation
Schedule of Cost of Goods Sold
Beginning finished goods inventory
2$
33,400
Add: Cost of goods manufactured
Cost of goods available for sale
Less: Ending finished goods inventory
Unadjusted cost of goods sold
Add: Underapplied overhead
42,800
4,140
Adjusted cost of goods sold
< Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d8ced1e-c405-49cc-9707-ee99115bb45e%2Fc5007745-0faa-49c7-8074-a3f898723158%2F26d9a8k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Primare Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials
Indirect materials used in production
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead
$31,000
$ 4,930
$58,800
$88,800
$ 4,140
Beginning
Inventories
Raw materials
Work in process
Finished goods
Ending
$11,100 $ 19,100
$55,200
$ 68,500
$33,400
$ 42,800
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 sold for the month. Assume the underapplied or overapplied overhead is closed to Cost
of Goods Sold.
Primare Corporation
Schedule of Cost of Goods Sold
Beginning finished goods inventory
2$
33,400
Add: Cost of goods manufactured
Cost of goods available for sale
Less: Ending finished goods inventory
Unadjusted cost of goods sold
Add: Underapplied overhead
42,800
4,140
Adjusted cost of goods sold
< Required 1
Required 2 >
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education