Question

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 included in manufacturing overhead $ 4,860
Direct labor $ 58,500
Manufacturing overhead applied to work in process $ 87,200
Underapplied overhead $ 4,160
Inventories Beginning Ending
Raw materials $ 10,800 $ 18,200
Work in process $ 55,500 $ 66,800
Finished goods $ 33,700 $ 42,600

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.

Homework Answers

Answer #1

1.

Statement of cost of goods manufacture

Raw material, beginning

10,800

Raw material purchase

32,000

Raw material available

42,800

Raw material, ending

-18,200

Indirect material -4,860

Direct material used

19,740

Direct labor

58,500

Manufacturing overhead applied

87,200

Total manufacturing cost

165,440

Work in process, beginning

55,500

Work in process, ending

-66,800

Cost of goods manufactured

$154,140

2.

Schedule of cost of goods sold

Finished goods, beginning

33,700

Cost of goods manufactured

154,140

Cost of goods available for sale

187,840

Finished goods, ending

-42,600

Unadjusted cost of goods sold

145,240

Underapplied manufacturing overhead

4,160

Adjusted cost of goods sold

$149,400

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