Question

Bledsoe Corporation has provided the following data for the month of November:

	Beginning		Ending
Raw materials	$	25,800	$	21,800
Work in process	$	17,800	$	10,800
Finished Goods	$	48,800	$	56,800

Additional information:

Raw materials purchases	$	72,800
Direct labor cost	$	92,800
Manufacturing overhead cost incurred	$	42,880
Indirect materials included in manufacturing overhead cost incurred	$	4,080
Manufacturing overhead cost applied to Work in Process	$	41,800

Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.

Required:

Please prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold.

BLEDSOE CORPORATION Schedule of Cost of Goods Manufactured Direct materials: Beginning materials inventory Add: Purchases of raw materials Raw materials available for use 0 Less: Ending raw materials inventory Raw materials used in production 0 Less: Indirect materials included in manufacturing overhead incurred $0 Manufacturing overhead applied to work in process Direct labor Total manufacturing costs 0 Add: Beginning work in process inventory 0 Less: Ending work in process inventory Cost of goods manufactured $0

	BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning finished goods inventory Cost of goods available for sale 0 Unadjusted cost of goods sold 0 Adjusted cost of goods sold $0

Answer 1

Answer-

BLEDSOE CORPORATION
COST OF GOODS MANUFACTURED
PARTICULARS	AMOUNT	AMOUNT
	$	$
Beginning raw materials inventory	25800
Add: Raw material purchases	72800
Less: Ending raw materials inventory	21800
Direct Materials Used	76800
Less- Indirect materials included in manufacturing overhead incurred	4080	72720
Direct Labor		92800
Manufacturing OH applied		41800
Total current manufacturing costs		207320
Add: Beginning WIP Inventory		17800
Less: Ending WIP Inventory		10800
Cost of Goods Manufactured		214320
BLEDSOE CORPORATION
COST OF GOODS SOLD
PARTICULARS	AMOUNT	AMOUNT
	$	$
Beginning FG Inventory		48800
Add: Cost of Goods Manufactured		214320
Cost of Goods available		263120
Less: Ending FG Inventory		56800
Unadjusted COGS		206320
Add: Underapplied MOH	(42880-41800)	1080
Adjusted COGS		207400