Question

In: Accounting

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 $ 4,550
Direct labor $ 58,600
Manufacturing overhead applied to work in process $ 88,100
Underapplied overhead $ 4,150
Inventories Beginning Ending
Raw materials $ 11,900 $ 18,800
Work in process $ 54,600 $ 68,100
Finished goods $ 33,300 $ 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.

Solutions

Expert Solution

1)
                                                                                 Primare Corporation
                                                      Schedule of Cost of Goods Manufactured
Direct Materials :
Beginning Raw materials Inventory $ 11,900
Add: Purchases of Raw Materials $ 31,000
Total Raw Materials Available $ 42,900
Less: Ending Raw Materials Inventory ($18,800)
Raw Materials used in production $ 24,100
Less: Indirect Materials included in Manufacturing Overhead ($4,550) $ 19,550
Direct Labor $ 58,600
Manufacturing Overhead applied to Work in process $ 88,100
Total Manufacturing Costs $ 166,250
Add: Beginning Work in process Inventory $ 54,600
$ 220,850
Less: Ending Work in process Inventory ($68,100)
Cost of Goods Manufactured $ 152,750
2)
                                                                              Primare Corporation
                                                                   Schedule of Cost of Goods Sold
Beginning Finished goods Inventory $ 33,300
Add: Cost of goods manufactured (see required 1 ) $ 152,750
Cost of goods available for sale $ 186,050
Less: Ending Finished goods Inventory ($43,000)
Unadjusted Cost of goods sold $ 143,050
Add: Underapplied Overhead $ 4,150
Adjusted Cost of goods sold $ 147,200

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