Question: Hello all, could someone please help me answer this question? Thank you in advance! Primare Corporation has provided the following data concerning last months manufacturing
Hello all, could someone please help me answer this question? Thank you in advance!
Primare Corporation has provided the following data concerning last months manufacturing operations.
| Purchases of raw materials | $ | 32,000 |
| Indirect materials included in manufacturing overhead | $ | 4,760 |
| Direct labor | $ | 58,500 |
| Manufacturing overhead applied to work in process | $ | 87,700 |
| Underapplied overhead | $ | 4,150 |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 10,200 | $ | 18,700 |
| Work in process | $ | 54,600 | $ | 67,800 |
| Finished goods | $ | 33,500 | $ | 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.
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