Question

Bledsoe Corporation has provided the following data for the month of November: Inventories: Raw materials Work in process Finished Goods Beginning Ending $ 25,400 $21,400 $ 17,400 $10,400 $ 48,400 $56,400 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 Beginning finished goods inventory Cost of goods available for sale Unadjusted cost of goods sold Adjusted cost of goods sold < Schedule of COGM Schedule of COGS >

Answer 1

Schedule of Cost of Goods Manufactured
Direct materials:
Beginning materials inventory	25400
Add: Purchases of raw materials	72400
Raw materials available for use	97800
Less: Ending Raw materials inventory	21400
Raw materials used in production	76400
Less: Indirect materials included in manufacturing overhead	4040	72360
Direct labor cost		92400
Manufacturing overhead applied		41400
Total manufacturing costs		206160
Add: Beginning work in process inventory		17400
		223560
Less: Ending work in process inventory		10400
Cost of goods manufactured		213160
Schedule of Cost of Goods Sold
Beginning Finished goods inventory	48400
Add: Cost of goods manufactured	213160
Cost of goods available for sale	261560
Less: Ending Finished goods inventory	56400
Unadjusted cost of goods sold	205160
Add: Underapplied overhead	1040	=42440-41400
Adjusted cost of goods sold	206200