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.
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.
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 | $ 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.
Transcribed Image Text:Direct materials:
Total raw materials available
Primare Corporation
Schedule of Cost of Goods Manufactured
Raw materials used in production
Direct materials used in production
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
Primare Corporation
Schedule of Cost of Goods Sold
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