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Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials $ 10,700 31,000 Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production $ 0 Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 54,800 0 54,800 Required 1 Required 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. Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory $ 33,700 Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold 42,100 4,140 Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor $ 31,000 $ 4,700 $ 58,500 Manufacturing overhead applied to work in process Underapplied overhead Inventories Beginning Ending Raw materials $ 10,700 $ 19,900 Work in process $ 54,800 $ 69,900 Finished goods $ 33,700 $ 42,100 Required: $ 87,100 $ 4,140 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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