Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,000
Indirect materials used in production . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $5,000
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $58,000
Manufacturing overhead applied to work in process . . . . . . . . . . . . . .   $87,000
Underapplied overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     $4,000

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.

Transcribed Image Text:

Inventories Beginning Ending $12,000 $56,000 $35,000 $18,000 $65,000 $42,000 Raw materials Work in process Finished goods