Question

Chapter 3 Homework Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold (LO3-3) Primare Corporation has provided the following data concerning last month's manufacturing operations. points eBook Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $32,000 $ 4,600 $58,700 $98,500 $ 4,100 Hint Reference Inventories beginning Ending Raw materials $10,300 $18,500 Work in $55,100 $65,400 process Finished $34,700 $43,000 goods 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 the question by entering your answers in the tabs below. Required Required Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Purchases of raw materials Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Required 1 Required 2 >

Answer 1

1). S Primare Corporation Schedule Cost of goods Manufactured Schedule Direct Material : Raw Material inventory Beginning $ 10,300 Add: Raw materials purchases $ 32,000 Raw materials available 42.300 Less: Raw materials inventory Ending 18,500 Raw Materials used in production 23,800 Less: Indirect materials included in Manufacturing Over heads Direct Materials Used Direct Labour Manufacturing overhead applied to work in Process Total Manufacturing Costs Add: Work in process inventory Beginning Total Work in Process Less: work in process inventory Ending Cost of goods Manufactured S S $ S S $ $ 19.200 58.700 88.500 166,400 55.100 221.500 65,400 156,100

Primare Corporation Schedule Cost of goods Sold Finished goods inventory, beginning Add: Cost of Goods manufactured Cost of goods available for sale Less: Finished goods inventory, ending Unadjusted cost of goods sold Add: Under applied overhead Adjusted Cost of goods sold $ $ $ $ S S S 34,700 156,100 190,800 43,000 147,800 4.100 151,900