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 Pinished Goods Beginning Ending 26,500 $22,500 18,500 $11,500 49,500 $57,500 03:59:40 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materiala included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $73,500 $93,500 $43,650 4,150 $42,500 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

Explanation / Answer

Schedule of cost of Goods Manufactured Direct Materials Raw materials,beginning 26,500 Raw materials purchases 73,500 Raw materials available for use 100,000 less raw materials,ending 22,500 Raw materials used in production 77,500 less indirect materials used in production 4,150 73,350 Direct labor 93,500 manufacturing overhead applied to WIP 42,500 total manufacturing costs 209,350 Add:Beginning WIP 18,500 227,850 less ending wIP 11,500 cost of goods manufactured 216,350 Cost of goods sold Beginning finished goods inventory 49,500 Add:cost of goods manufactured 216,350 goods available for sale 265,850 less:ending finished goods inventory 57,500 unadjusted cost of goods sold 208,350 Add:underapplied overhead 1,150 adjusted cost of goods sold 209,500

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