Question

Bledsoe Corporation has provided the following data for the month of November: Raw materials Work in process Finished Goods Beginning Ending $ 26,900 $ 22,900 $ 18,900 $ 11,900 $ 49,900 $57,900 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 $ 73,900 $ 93,900 $ 44,090 $ 4,190 $ 42,900 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 Manufactured. BLEDSOE CORPORATION Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use Raw materials used in production Total manufacturing costs added to production Total manufacturing cats that for

Answer 1

1	Bledsoe Corporation
	SCHEDULE OF COST OF GOODS MANUFACTURED
		$	$
	Direct materials:
	Beginning Raw materials inventory	26,900.00
	Add: Raw materials purchases	73,900.00
	Raw materials available for use	100,800.00
	Less: Ending Raw materials inventory	(22,900.00)
	Raw materials used in production	77,900.00
	Less: Indirect Materials included in manufacturing overhead	(4,190.00)	73,710.00
	Direct labor		93,900.00
	Manufacturing Overhead applied to work in process		42,900.00
	Total manufacturing costs		210,510.00
	Add: Beginning Work in process inventory		18,900.00
	Total cost of work in process		229,410.00
	Less: Ending Work in process inventory		(11,900.00)
	Cost of goods manufactured		217,510.00
	Bledsoe Corporation
2	Schedule of cost of goods sold for the year
		$
	Beginning Finished Goods	49,900.00
	Add: Cost of goods manufactured	217,510.00
	Cost of goods available for sale	267,410.00
	Less: Ending Finished Goods	(57,900.00)
	Unadjusted Cost of goods sold	209,510.00
	Add: Under applied overhead (44,090 - 42,900)	1,190.00
	Adjusted Cost of goods sold	210,700.00