Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials$ 31,000Indirect materials used in production$ 4,740Direct labor$ 58,800Manufacturing overhead applied to work in process$ 87,200Underapplied overhead$ 4,180 InventoriesBeginningEndingRaw materials$ 10,700$ 19,500Work in process$ 55,900$ 65,700Finished goods$ 34,600$ 44,000 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. Direct materials:Beginning raw materials inventoryAdd: Purchases of raw materialsTotal raw materials availableLess: Ending raw materials inventoryRaw materials used in productionLess: Indirect materials used in productionDirect materials used in productionDirect laborManufacturing overheadTotal manufacturing costs added to productionTotal manufacturing costs to account forLess: Ending work in process inventoryCost of goods manufactured››>$ 10,70031,00041,70019,50022,2004,740$ 17,46058,80087,200163,460163,46065,700Return to qu Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closedGoods Sold.Primare CorporationSchedule of Cost of Goods SoldBeginning finished goods inventoryAdd: Cost of goods manufacturedCost of goods available for saleLess: Ending finished goods inventoryUnadjusted cost of goods soldAdd: Underapplied overheadAdjusted cost of goods sold✓$$34,60097,760 X132,360 X44,00088,360 X4,18092,540

Name: Primare Corporation has provided the following data concerning last mo
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Description: Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials$ 31,000Indirect materials used in production$ 4,740Direct labor$ 58,800Manufacturing overhead applied to work in process$

Cost of goods manufactured means the cost which is incurred on the making of the goods. It includes…

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Accounting

Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,740 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,180 Inventories Beginning Ending Raw materials $ 10,700 $ 19,500 Work in process $ 55,900 $ 65,700 Finished goods $ 34,600 $ 44,000 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.

Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,740 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,180 Inventories Beginning Ending Raw materials $ 10,700 $ 19,500 Work in process $ 55,900 $ 65,700 Finished goods $ 34,600 $ 44,000 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.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Purchases of raw materials	$ 31,000
Indirect materials used in production	$ 4,740
Direct labor	$ 58,800
Manufacturing overhead applied to work in process	$ 87,200
Underapplied overhead	$ 4,180

Inventories	Beginning	Ending
Raw materials	$ 10,700	$ 19,500
Work in process	$ 55,900	$ 65,700
Finished goods	$ 34,600	$ 44,000

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