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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 $ 32,000
Indirect materials used in production $ 4,730
Direct labor $ 59,100
Manufacturing overhead applied to work in process $ 87,000
Underapplied overhead $ 4,020
Inventories Beginning Ending
Raw materials $ 11,700 $ 19,900
Work in process $ 54,700 $ 65,800
Finished goods $ 34,000 $ 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.

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