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Exercise 2-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO2-6]
| Primare Corporation has provided the following data concerning last months manufacturing operations. |
| | | |
| Purchases of raw materials | $ | 30,000 |
| Indirect materials included in manufacturing overhead | $ | 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 |
| |
| 1. | Prepare a schedule of cost of goods manufactured for the month. |
Primare Corporation
Schedule of Cost of Goods Manufactured
Direct materials:
Total raw materials available
Raw materials used in production
Total manufacturing costs
Cost of goods manufactured
| 2. | Prepare a schedule of cost of goods sold for the month. | | | | | Primare Corporation | | Schedule of Cost of Goods Sold | | Finished goods inventory, beginning | | | | | | Goods available for sale | | | | | | Unadjusted cost of goods sold | | | | | | Adjusted cost of goods sold | | | |
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