Primary Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,840 Direct labor $ 58,200 Manufacturing overhead applied to work in process $ 87,600 Underapplied overhead $ 4,010 Inventories Beginning Ending Raw materials $ 10,200 $ 18,900 Work in process $ 54,700 $ 68,500 Finished goods $ 33,000 $ 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.

Primary Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,840 Direct labor $ 58,200 Manufacturing overhead applied to work in process $ 87,600 Underapplied overhead $ 4,010 Inventories Beginning Ending Raw materials $ 10,200 $ 18,900 Work in process $ 54,700 $ 68,500 Finished goods $ 33,000 $ 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.

Name: Primary Corporation has provided the following data concerning last m
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Description: Primary Corporation has provided the following data concerning last month's manufacturingoperations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,840Direct labor $ 58,200 Manufacturing overhead applied to work in pro

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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