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. I’m
Purchases of raw materials
Indirect materials included in manufacturing overhead
Direct labor
Manufacturing overhead applied to work in process
Underapplied overhead
$30,000
$ 5,000
$58,000
$87,000
$ 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.
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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