Question

Bledsoe Corporation has provided the following data for the month of November: 7 Raw materials Work in process Finished Goods Beginning Ending $ 27,000 $23,000 s 19,000 12,000 $ 50,000 $58,000 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 $74,000 $94,000 $44,200 $ 4,200 $43,000 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 Schedule of COGM COGS Prepare a Schedule of Cost of Goods Sold BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale 50,000 217,800 267,800 58,000 209,800 Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 209,800

Answer 1

BLEDSOE CORPORATION
Cost of Goods Manufactured
Direct materials:
Beginning materials inventory	$27,000
Add: Purchases of raw materials	$74,000
Raw materials available for use	$101,000
Less: Ending raw materials inventory	$23,000
Raw materials used in production	$78,000
Less: Indirect materials included in manufacturing overhead incurred	$4,200	$73,800
Direct labor		$94,000
Manufacturing overhead applied to Work in Process		$43,000
Total manufacturing costs        [$73,800 + $94,000 + $43,000]		$210,800
Add: Beginning work in process inventory		$19,000
		$229,800
Less: Ending work in process inventory		$12,000
Cost of goods manufactured		$217,800

BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning Finished goods inventory $50,000 Add: Cost of Goods Manufactured $217,800 Total Cost of Goods available for sale $267,800 Less: Ending Finished goods inventory $58,000 Unadjusted Cost of Goods Sold $209,800 Add: Under-applied Overhead (Refer Working Note below] $1.200 Adjusted Cost of Goods Sold $211,000

BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning Finished goods inventory Add: Cost of Goods Manufactured Total Cost of Goods available for sale Less: Ending Finished goods inventory Unadjusted Cost of Goods Sold Add: Under-applied Overhead Refer Working Note below] Adjusted Cost of Goods Sold $50,000 $217,800 $267,800 $58,000 $209,800 $ 1 4200 S211,000