ThatDudeLv1

6 Jul 2022

Primare Corporation has provided the following data concerning last month's manufacturing operations.

      Purchases of raw materials                                                   $ 30,000

      Indirect materials used in production                                     $ 4,790 

      Direct labor                                                                         $ 60,000 

      Manufacturing overhead applied to work in process                 $ 88,000

      Underapplied overhead                                                         $ 4,090

 

Inventories                     Beginning           Ending 

Raw materials                $ 10,300$         $ 18,900

Work in process              $ 55,500$        $ 70,000

Finished goods               $ 34,300$         $ 43,800

 

Required:

1. Prepare a schedule of çost 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.

 

Required 1

Prepare a schedule of cost of goods manufactured for the month.

 

Primare Corporation

Schedule of Cost of Goods Manufactured

 

Primare Corporation

Schedule of Cost of Goods Manufactured

Direct materials:
Beginning raw materials inventory	$      10,300
Add: Purchases of raw materials	30,000
Total raw materials available	40,300
Less: Ending raw materials inventory	18,900
Raw materials used in production	21,400
Less: Indirect materials used in production	4,790
Direct materials used in production		$     16,610
Direct labor		60,000
Manufacturing overhead		88,000

Manufacturing overhead		164,610
Total manufacturing costs added to production			329,220