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Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials...

Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials included in manufacturing overhead $ 4,510 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 87,100 Underapplied overhead $ 4,040 Inventories Beginning Ending Raw materials $ 11,300 $ 19,100 Work in process $ 54,500 $ 67,800 Finished goods $ 33,500 $ 43,400 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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SOLUTION

1. Schedule of cost of goods manufactured-

Particulars Amount ($) Amount ($)
Direct materials:
Raw material inventory, Beginning 11,300
Add: Purchase of raw materials 31,000
Total raw materials available 42,300
Deduct: Raw material inventory, Ending (19,100)
Raw materials used in production 23,200
Less: Indirect materials included in manufacturing overhead (4,510) 18,690
Direct labor 58,800
Manufacturing overhead applied to work in process 87,100
Total manufacturing cost 164,590
Add: Beginning work in process inventory 54,500
219,090
Less: Ending work in process inventory (67,800)
Cost of goods manufactured 151,290

2. Schedule of cost of goods sold

Particulars Amount ($)
Finished goods inventory, beginning 33,500
Add: Cost of goods manufactured 151,290
Goods available for sale 184,790
Deduct: Finished goods inventory, ending (43,400)
Unadjusted cost of goods sold 141,390
Add: Underapplied overhead 4,040
Adjusted cost of goods sold 145,430

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