Homework Help is Here – Start Your Trial Now!
Business
Accounting
Complete this question by entering your answers in the tabs below. Required 1 Required 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 Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory < Required 1 35,000 155,000 190,000 Required 2 >

Complete this question by entering your answers in the tabs below. Required 1 Required 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 Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory < Required 1 35,000 155,000 190,000 Required 2 >

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
See similar textbooks
icon
Related questions
Question

Is part 1 right? How do I solve part 2?

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 used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead. Inventories Raw materials Work in process Finished goods Beginning $ 12,000 $ 56,000 $ 35,000 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. Required 1 Complete this question by entering your answers in the tabs below. Ending $ 18,000 $ 65,000 $ 42,000 Required 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 Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory < Required 1 35,000 155,000 190,000 Required 2 >
Transcribed Image Text: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 used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead. Inventories Raw materials Work in process Finished goods Beginning $ 12,000 $ 56,000 $ 35,000 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. Required 1 Complete this question by entering your answers in the tabs below. Ending $ 18,000 $ 65,000 $ 42,000 Required 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 Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory < Required 1 35,000 155,000 190,000 Required 2 >
Primare Corporation has provided the following data concerning last month's manufacturing operations. $ 30,000 $5,000 Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 12,000 Ending $ 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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Direct labor Manufacturing overhead $ 58,000 $ 87,000 $ 4,000 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured < Required 1 $ 12,000 30,000 42,000 18,000 24,000 5,000 $ 19,000 58,000 87,000 Required 2 > $ 56,000 $ 164,000 220,000 65,000 155,000
Transcribed Image Text:Primare Corporation has provided the following data concerning last month's manufacturing operations. $ 30,000 $5,000 Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 12,000 Ending $ 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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Direct labor Manufacturing overhead $ 58,000 $ 87,000 $ 4,000 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured < Required 1 $ 12,000 30,000 42,000 18,000 24,000 5,000 $ 19,000 58,000 87,000 Required 2 > $ 56,000 $ 164,000 220,000 65,000 155,000
Expert Solution
Step 1

SHEDULE OF COST OF GOODS MANUFACTURED

Schedule of Cost of Goods Manufacturing States the total Cost incurred during manufacturing of a Product in a Specific Period. 

Cost of Goods Manufactured Includes all Direct Cost & Indirect Cost During the Period.

These Cost are Direct Materials Cost, Direct Labour Cost & Manufacturing Overhead.

 

SCHEDULE OF COST OF GOODS SOLD

Schedule of Cost of Goods Sold States the Amount of Cost Included in the number of Units Sold During the Period.

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS