Question

Bledsoe Corporation has provided the following data for the month of November:Beginning EndingRaw materials $ 26,000 $ 22,000Work in process $ 18,000 $ 11,000Finished Goods $ 49,000 $ 57,000Additional information:Raw materials purchases $ 73,000Direct labor cost $ 93,000Manufacturing overhead cost incurred $ 43,100Indirect materials included in manufacturing overhead cost incurred $ 4,100Manufacturing overhead cost applied to Work in Process $ 42,000Any 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

Answer:

See below

Explanation:

A. Cost of goods manufactured

Beginning work in process

$18,000

Add: Beginning raw materials

$26,000

Raw material purchases

$73,000

Less: Ending raw material

($22,000)

Add: direct labor cost

$93,000

Add: manufacturing overhead cost applied

$43,100

Less: Ending work in process

($11,000)

Balance

$220,100

B. Schedule of cost of goods sold

Beginning finished goods

$49,000

Add: cost of goods manufactured

$220,100

Less: Ending finished goods

($57,000)

Unadjusted COGS

$212,100

Add: Under applied MOH

$1,100

Adjusted COGS

$213,200