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

Question

Bledsoe Corporation has provided the following data for the month of November: Beginning Ending $ 25,400 $21, 400 $ 17,400 $10,400 $ 48,400 $56,400 Raw materials Work in process Finished Goods 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 $72,400 $92,400 $42,440 $4,040 $41,400 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 Schedule of COGM Schedule of COGS Prepare a Schedule of Cost of Goods Sold BLEDSOE CORPORATION Schedule of Cost of Goods Sold $ 48,400 213,160 261,560 56,400 205,160 Beginning finished goods inventory d: Cost of goods manufactured Cost of goods available for sale ess: Ending finished goods inventory Unadjusted cost of goods sold d: Underapplied overhead Adjusted cost of goods sold $205,160

Explanation / Answer

Underapplied overhead = Manufacturing overhead cost incurred - Manufacturing overhead cost applied = $ 42,440 - $ 41,400 = $ 1,040.

Bledsoe Corporation Schedule of Cost of Goods Sold Beginning Finished Goods Inventory $ 48,400 Add: Cost of Goods Manufactured 213,160 Cost of Goods Available for Sale 261,560 Less: Finished Goods Inventory (56,400) Unadjusted Cost of Goods Sold 205,160 Add: Underapplied Overhead 1,040 Adjusted Cost of Goods Sold 206,200

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