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Primare Corporation has provided the following data concerninglast month’s manufacturing operations.

Purchases of raw materials $ 32,000
Indirect materials included inmanufacturing overhead $ 4,530
Direct labor $ 59,300
Manufacturing overhead appliedto work in process $ 87,600
Underapplied overhead $ 4,060
Inventories Beginning Ending
Raw materials $ 11,400 $ 19,300
Work in process $ 54,400 $ 66,300
Finished goods $ 33,800 $ 43,300

Required:

1. Prepare a schedule of cost of goods manufactured for themonth.

2. Prepare a schedule of cost of goods sold for the month.Assume the underapplied or overapplied overhead is closed to Costof Goods Sold.

Prepare a schedule of cost of goods manufactured for themonth.

Primare Corporation
Schedule of Cost of Goods Manufactured
Directmaterials:
Total rawmaterials available
Rawmaterials used in production
Totalmanufacturing costs
Cost of goods manufactured

Prepare a schedule of cost of goods sold for the month. Assumethe underapplied or overapplied overhead is closed to Cost of GoodsSold.

Primare Corporation
Schedule of Cost of Goods Sold

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Collen Von
Collen VonLv2
28 Sep 2019

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EXERCISE 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-6] Primare Corporation has provided the following data concerning last month's manufacturing operations. $30,000 $5,000 $58,000 $87,000 $4,000 Purchases of raw materials ........... Indirect materials included in manufacturing overhead ........ Direct labor ........ Manufacturing overhead applied to work in process ........ Underapplied overhead ........ Inventories Beginning Raw materials ............ $12,000 Work in process.. $56,000 Finished goods $35,000 Ending $18,000 $65,000 $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.

Superior Company provided the following account balances for theyear ended December 31 (all raw materials are used in production asdirect materials): Selling expenses $ 215,000 Purchases of rawmaterials $ 261,000 Direct labor ? Administrative expenses $160,000 Manufacturing overhead applied to work in process $ 336,000Total actual manufacturing overhead costs $ 355,000 Inventorybalances at the beginning and end of the year were as follows:Beginning of Year End of Year Raw materials $ 56,000 $ 36,000 Workin process ? $ 33,000 Finished goods $ 32,000 ? The totalmanufacturing costs for the year were $675,000; the cost of goodsavailable for sale totaled $740,000; the unadjusted cost of goodssold totaled $666,000; and the net operating income was $40,000.The company’s overapplied or underapplied overhead is closedentirely to Cost of Goods Sold. Required: a. Prepare a schedule ofcost of goods manufactured. b. Prepare a schedule of cost of goodssold. c. Prepare an income statement for the year.

Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 213,000 Purchases of raw materials $ 268,000 Direct labor ? Administrative expenses $ 154,000 Manufacturing overhead applied to work in process $ 331,000 Total actual manufacturing overhead costs $ 351,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 58,000 $ 39,000 Work in process ? $ 31,000 Finished goods $ 31,000 ? The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $35,000. The company’s overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required: a. Prepare a schedule of cost of goods manufactured. b. Prepare a schedule of cost of goods sold. c. Prepare an income statement for the year.

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