Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Purchases of raw materials $ 30,000
Indirect materials included in manufacturing overhead $ 5,000
Direct labor $ 58,000
Manufacturing overhead applied to work in process $ 87,000 Underapplied overhead $ 4,000
a. Prepare a schedule of cost of goods manufactured for the month.
b. Prepare a schedule of cost of goods sold for the month.

Explanation:

                                       Primare Corporation

                                 Cost of Goods Manufactured

Beginning work-in-process inventory                                  $56,000

Manufacturing costs:

Direct materials:                                                  

Beginning inventory                                   $12,000

Purchases                                                    $30,000

Materials available                                      $42,000

Less:  Ending inventory                              -$18,000

Direct materials used                                                             $24,000

Less:Indirect materials included in manufacturing overhead -$5,000

Other manufacturing costs                                                  

Direct labor                                                                     $58,0000

Manufacturing overhead applied to work in process $87,000

Less:  Ending work-in-process                                                  $65,000

Cost of goods manufactured                                                    $155,000

b.                                     Primare Corporation

                                 Cost of Goods Sold

Beginning finished goods inventory                                        $35,000

Add: Cost of goods manufactured                                           $155,000

Finished goods available for sale                                             $190,000

Less:  Ending finished goods inventory                                   -$42,000

Unadjusted cost of goods sold                                                  $148,000

Add: Under applied overhead                                                    $4,000

Cost of goods sold                                                                      $152,000

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi