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 Inventories Raw materials Work in process Finished goods Beginning $ 11,500 $ 54,800 $ 33,480 Ending $ 18,600 $ 66,400 $ 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. Complete this question by entering your answers in the tabs below. Primare Corporation Schedule of Cost of Goods Sold $ 31,000 $ 4,530 $ 59,900 $ 88,600 $ 4,190 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. Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold < Required 1 Required 2

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Inventories
Raw materials
Work in process
Finished goods
Beginning
$ 11,500
$ 54,800
$ 33,480
Ending
$ 18,600
$ 66,400
$ 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.
Complete this question by entering your answers in the tabs below.
Primare Corporation
Schedule of Cost of Goods Sold
$ 31,000
$ 4,530
$ 59,900
$ 88,600
$ 4,190
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.
Beginning finished goods inventory
Add: Cost of goods manufactured
Cost of goods available for sale
Less: Ending finished goods inventory
Unadjusted cost of goods sold
Add: Underapplied overhead
Adjusted cost of goods sold
< Required 1
Required 2
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 Inventories Raw materials Work in process Finished goods Beginning $ 11,500 $ 54,800 $ 33,480 Ending $ 18,600 $ 66,400 $ 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. Complete this question by entering your answers in the tabs below. Primare Corporation Schedule of Cost of Goods Sold $ 31,000 $ 4,530 $ 59,900 $ 88,600 $ 4,190 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. Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold < Required 1 Required 2
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