Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3

Question

Exercise 3-3 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 included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead s 31,800 S 4,840 s 59,908 s 88,9ee $ 4,13e ventories Raw materials Work in process Finished goods Beginning Ending s 1e,1e0 19,800 33,600 42,7e0 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 c Goods Sold Complete the question by entering your answers in the tabs below. Required 1Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation

Explanation / Answer

Cost of Goods Manufactured                179070

Cost of Goods Manufactured Purchase of Raw Material 31000 Add: Opening Inventory of Raw Material 10100 Less: Closing Inventory of Raw Material 19800 Raw Material Used 21300 Add: Indirect Material 4840 Direct Labour 59900 Manufacturing Overhead 88900 Underapplied Overhead 4130

Cost of Goods Manufactured                179070

Cost of Goods Sold: Cost of Goods Produced 179070 Add: Opening WIP 54600 Less: Closing WIP 65400 Add: Opening Finished Goods 33600 Less: Closing FG 42700 COGS 159170

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