In: Accounting
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 |
$ |
4,800 |
Direct labor |
$ |
59,900 |
Manufacturing overhead applied to work in process |
$ |
88,300 |
Underapplied overhead |
$ |
4,130 |
Inventories |
Beginning |
Ending |
||
Raw materials |
$ |
10,100 |
$ |
18,100 |
Work in process |
$ |
55,600 |
$ |
67,500 |
Finished goods |
$ |
33,000 |
$ |
43,200 |
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.