Primare Corporation has provided the following data concerning last month\'s man

Question

Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead S 5,000 Direct labor Manufacturing overhead applied to work in process 87,000 Underapplied overhead S30,000 58,000 S 4,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 12,000 $18,000 $56,000 $65,000 $35,000 $42,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured 2. Prepare a schedule of cost of goods sold for the month. Primare Corporation Schedule of Cost of Goods Sold Finished goods inventory, beginning Goods available for sale Unadjusted cost of goods sold Adjusted cost of goods sold

Explanation / Answer

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Schedule of cost of goods manufactured Particulars Amount Amount Materials: Opening balance        12,000 Add: purchases        30,000 Materials available        42,000 Less: closing inventory        18,000 Total materials used            24,000 Direct labor            58,000 Manufacturing overhead applied            87,000 Total manufacturing costs          169,000 Add: beginning WIP            56,000 Less: closing WIP            65,000 Cost of goods manufactured          160,000

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