Question

Saved Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $ 31.000 3 4.560 $ 59,900 $ 87,500 $ 4, 130 Inventories Raw materials York in process Finished goods Beginning $ 11,500 $ 54,500 $ 34,800 Ending $ 18, 600 $ 69,400 $ 43,000 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 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured art materials < Prev 2 of 7 Next >

Answer 1

I Answer: La) Schedule of cost of goody Manufactured for the month particulary Amount Amount Direct Material used: Row Material inventory Beginning $11,500 Add purchase of Raw Materials $31,000 Raw material Available for use $42,500 Less: Row material inventory Ending $18,600 Raw material used in production $23,900 | Less! Indirect Materials is used $4560 C Direct Material used $19,340 Direct labor incurred $ 59,900 Manufacturing overhead applied $ 87,500 Total Manufacturing costy added this period $166,740 Beginning work inprocess $ 54,500 - Total work in process $221,240 Less: work in prony inventory, Ending $69400 est of goody Manufactured $151,840 (2) Eschedule of cost of goods sold for the month? Cost of goods soldi Finished goody inventory, Beginning $ 34,800 Add: Cost of goods Manufactured $151,840 Cost of goods available for sale $186,640 Less: finished Goods Inventory, Ending $43000 Unadjusted Cost of goody sold $143,640 Add: under applied overhead 1$4130 Adjusted cost of goods sold $147,770