Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials $ 26,400 $ 22,400 Work in process $ 18,400 $ 11,400 Finished Goods $ 49,400 $ 57,400 Additional information: Raw materials purchases $ 73,400 Direct labor cost $ 93,400 Manufacturing overhead cost incurred $ 43,540 Indirect materials included in manufacturing overhead cost incurred $ 4,140 Manufacturing overhead cost applied to Work in Process $ 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.

Instructions are listed below

Explanation:

Giving the following information:

Beginning Raw materials $26,400

Ending Raw materials $22,400

Beginning Work in process $ 18,400

Ending Work in process $ 11,400

Beginning Finished Goods $ 49,400

Ending Finished Goods $ 57,400

Additional information:

Raw materials purchases $ 73,400

Direct labor cost $ 93,400

Manufacturing overhead cost incurred $ 43,540

Indirect materials included in manufacturing overhead cost incurred $ 4,140

Manufacturing overhead cost applied to Work in Process $ 42,400

A) Cost of goods manufactured:

Beginning Work in process $ 18,400

Beginning Raw materials $26,400

Raw materials purchases $ 73,400

Ending Raw materials $22,400 (-)

Direct labor cost $ 93,400

Manufacturing overhead cost applied $ 42,400

Ending Work in process $ 11,400 (-)

Total = $220,200

B) Cost of goods sold:

Beginning Finished Goods $ 49,400

Cost of goods manufactured $220,200

Ending Finished Goods $ 57,400 (-)

Unadjusted COGS = $212,200

Underapplied MOH = 1140

Adjusted COGS = $213,340