Bledsoe Corporation has provided the following data for the month of November: R

Question

Bledsoe Corporation has provided the following data for the month of November: Raw materials Work in process Finished Goods Beginning Ending $26,800 $22,800 $ 18,800 $11,800 $ 49,800 $57,800 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $73,800 $93,800 $43,980 4,180 $42,800 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold Complete this question by entering your answers in the table below.

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning 26800 Add: Purchases of raw materials 73800 Total raw materials available 100600 Deduct: Raw materials inventory, ending 22800 Raw materials used in production 77800 Less indirect materials included in manufacturing overhead incurred 4180 73620 Direct labor 93800 Manufacturing overhead applied to work in process inventory 42800 Total manufacturing costs 210220 Add: Beginning work in process inventory 18800 229020 Deduct: Ending work in process inventory 11800 Cost of goods manufactured 217220 Schedule of Cost of Goods Sold Finished goods inventory, beginning 49800 Add: Cost of goods manufactured 217220 Cost of goods available for sale 267020 Deduct: Finished goods inventory, ending 57800 Unadjusted cost of goods sold 209220 Add: Underapplied overhead 1180 =43980-42800 Adjusted cost of goods sold 210400

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