Question

please help asap thank you!

Bledsoe Corporation has provided the following data for the month of November Raw materials Work in process Finished Goods Beginning Ending $ 25,380 $21,300 $ 17,300 $10,300 $ 48,300 $56,300 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 $72,300 $92,300 $42,330 $ 4,30 $41,300 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.

Answer 1

Solution

Bledsoe Corporation
Schedule of Cost of Goods Manufactured
For the current year
Direct Material
Raw material Inventory Beginning	$        25,300.00
Raw material Purchased	$        68,270.00
Raw material available for use	$        93,570.00
Less: Raw material Inventory Ending	$        21,300.00
Direct Material Used		$         72,270.00
Direct labor		$         92,300.00
Manufacturing Overheads applied		$         41,300.00
Total manufacturing Cost incurred during the period		$     205,870.00
Add: Work in process Beginning		$         17,300.00
Total Manufacturing cost to account for		$     223,170.00
Less: Work in progress Ending		$         10,300.00
Cost of Goods Manufactured		$     212,870.00

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Bledsoe Corporation
Schedule of cost of good sold
Beginning Finished Goods Inventory		$         48,300.00
Cost of Goods manufactured		$     212,870.00
Goods Available for sale		$     261,170.00
Less :Ending Finished goods Inventory		$         56,300.00
Unadjusted Cost of Goods Sold		$     204,870.00
Under-applied Manufacturing Overheads		$           1,030.00
Adjusted Cost of Goods sold		$     205,900.00