Bledsoe Corporation has provided the following data for the month of Novernber.

Question

Bledsoe Corporation has provided the following data for the month of Novernber. Raw materials Work in process Finished Goods $ 25,500 21,500 $17,508 $1e,588 48,500 $56,58e Additional information Raw materials purchases Direct labor cost $72,508 $92,580 $42,558 s 4,850 $41,5ee Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process 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 Sold BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning finished goods inventory Cos: of goods available for saie Unscjusted cost of goods sold Adjusted coat of goods zold Prev 1 of 4 eb and Windows

Explanation / Answer

SOLUTION

Cost of goods manufactured-

Cost of goods sold-

Particulars Amount ($) Amount ($) Direct Materials: Beginning materials inventory 25,500 Add: Purchase of raw material 72,500 Raw materials available for use 98,000 Deduct: Ending raw materials inventory (21,500) Raw material used in production 76,500 Less: Indirect materials included in manufacturing overhead incurred (4,050) 72,450 Direct Labor 92,500 Manufacturing overhead applied to work in process 41,500 Total manufacturing costs 206,450 Add: Beginning work in process inventory 17,500 223,950 Deduct: Ending work in process inventory (10,500) Cost of goods manufactured 213,450

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