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Primare Corporation has provided the following data concerning last months manufacturing operations.
| | | |
| Purchases of raw materials | $ | 32,000 |
| Indirect materials included in manufacturing overhead | $ | 4,880 |
| Direct labor | $ | 59,800 |
| Manufacturing overhead applied to work in process | $ | 87,000 |
| Underapplied overhead | $ | 4,100 |
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| Inventories | Beginning | Ending |
| Raw materials | $ | 11,800 | $ | 18,900 |
| Work in process | $ | 55,800 | $ | 68,000 |
| Finished goods | $ | 33,300 | $ | 43,700 |
| |
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.
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| | | Primare Corporation | | Schedule of Cost of Goods Manufactured | | Direct materials: | | | | | | | | | | | | Total raw materials available | | | | | | | | Raw materials used in production | | | | | | $0 | | | | | | | | | | Total manufacturing costs | | | | | | | | | | 0 | | | | | | Cost of goods manufactured | | | |
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| | | Primare Corporation | | Schedule of 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 | | |
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