Question

Bledsoe Corporation has provided the following data for the month of November. Raw materials Work in process Finished Goods Beginning Ending $ 26,408 $22,400 $ 18,400 $ 11,400 $ 49,400 $57,400 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 $73,400 $93,400 $43, 540 $ 4,140 $42,400 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 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

Answer 1

Req.1

BLEDSOE CORPORATION
Schedule of cost of goods manufactured
Direct materials :
Beginning raw materials inventory	26,400
Add: Purchase of raw materials	73,400
Raw materials available for use	99,800
Less: Ending raw materials inventory	(22,400)
Raw materials used in production	$77,400
Less: Indirect materials included in manufacturing overhead	($4140)	73,260
Direct labor		93,400
Manufacturing overhead applied to work in process		42,400
Total manufacturing costs		$209,060
Add: Beginning work in process inventory		18400
Total cost of work in process inventory		$227,460
Less: Ending work in process inventory		($11,400)
Cost of goods manufactured		$216,060

Req.2

BLEDSOE CORPORATION
Schedule of cost of goods sold
Beginning finished goods inventory	49400
Add: Cost of goods manufactured	216060
Goods available for sale	265,460
Less: Ending finished goods inventory	(57400)
Unadjusted cost of goods sold	208,060
Add: Underapplied overhead	1140
Adjusted cost of goods sold	$209,200

Working:

1)

2)

Manufacturing overhead cost incurred	$ 43,540
Less: Manufacturing overhead cost applied to work in process	(42,400)
Underapplied overhead	$1140

BLEDSOE CORPORATION
Schedule of cost of goods manufactured
Direct materials :
Beginning raw materials inventory	26,400
Add: Purchase of raw materials	73,400
Raw materials available for use	99,800
Less: Ending raw materials inventory	(22,400)
Raw materials used in production	$77,400
Less: Indirect materials included in manufacturing overhead	($4140)	73,260
Direct labor		93,400
Manufacturing overhead applied to work in process		42,400
Total manufacturing costs		$209,060
Add: Beginning work in process inventory		18400
Total cost of work in process inventory		$227,460
Less: Ending work in process inventory		($11,400)
Cost of goods manufactured		$216,060.