Bledsoe Corporation has provided the following data for the month of November:
Beginning Ending
Raw materials $ 26,600 $ 22,600
Work in process $ 18,600 $ 11,600
Finished Goods $ 49,600 $ 57,600
Additional information:
Raw materials purchases $ 73,600
Direct labor cost $ 93,600
Manufacturing overhead cost
incurred $ 43,760
Indirect materials included in
manufacturing overhead cost incurred $ 4,160
Manufacturing overhead cost
applied to Work in Process $ 42,600
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.

Part 1

Cost of Goods Manufactured Schedule

Opening Work in Process                                                        $ 18,600

Add Manufacturing cost for the period

Direct Materials ($65,600 - $ 4,160)               $61,440

Direct labor cost                                              $93,600

Manufacturing overhead applied                   $42,600          $197,640

Less Closing Work In Process                                                ($ 11,600)

Cost of Goods Manufactured                                                 $204,640

Part 2

Schedule  of Cost of Goods Sold

Beginning Finished Goods                                                    $ 49,600

Add Cost of Goods Manufactured                                        $204,640

Less Ending Finished Goods                                                ($ 57,600)

Cost of Goods Sold                                                                $196,640

Add Under- applied overheads ($ 43,760 - $ 42,600)             $1,160

Adjusted Cost of Goods Sold                                                 $197,800

Explanation:

The Cost of Goods Manufactured schedule calculates the cost of goods manufactured. Thus it takes into account all manufacturing costs incurred during production including inventories in work in process at beginning and end of the year.

Note : Materials used in production = $ 26,600 + $ 73,600 - $ 22,600 = $65,600

The Cost of Good Sold uses the Cost of Goods Manufacture calculated in the Cost of Goods Manufactured schedule to calculate the cost of sales. Under - applied overheads are added to this amount whilst over -applied overheads are deducted from it.

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