Primare Corporation has provided the following data concerning last months manufacturing operations. ...
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Accounting
Primare Corporation has provided the following data concerning last months manufacturing operations.
| Purchases of raw materials | $ 30,000 |
|---|---|
| Indirect materials used in production | $ 4,770 |
| Direct labor | $ 58,800 |
| Manufacturing overhead applied to work in process | $ 88,900 |
| Underapplied overhead | $ 4,090 |
| Inventories | Beginning | Ending |
|---|---|---|
| Raw materials | $ 11,000 | $ 18,800 |
| Work in process | $ 54,300 | $ 69,500 |
| Finished goods | $ 34,100 | $ 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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