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    Preparing a schedule of cost of goods

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    Parmian Corporation has provided the following data concerning last month's manufacturing operations.

    Purchases of raw materials $53,000.
    Indirect materials included in manufacturing overhead - $8,000
    Direct labor - $62,000
    Manufacturing overhead applied to work in progress - $41,000
    Underapplied overhead - $8,000
    Inventories: beginning ending
    Raw materials - $24,000 $6,000
    work in process $41,000 $38,000
    finished goods $86,000 $93,000

    1. Prepare a schedule of cost of goods manufactured for the month.
    2. Prepare a schedule of cost of goods sold for the month.

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    Solution Summary

    The expert prepares a schedule of cost of goods.