Bledsoe Corporation has provided the following data for the month of November: Inventories: Beginning $ 26,000 $ 18,000 $ 49,000 Ending $ 22,000 $ 11,000 $ 57,000 Raw materials Work in process Finished Goods Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $73,000 $93,000 $43,100 $ 4,100 $42,000 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.
Bledsoe Corporation has provided the following data for the month of November: Inventories: Beginning $ 26,000 $ 18,000 $ 49,000 Ending $ 22,000 $ 11,000 $ 57,000 Raw materials Work in process Finished Goods Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $73,000 $93,000 $43,100 $ 4,100 $42,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
info in images
Transcribed Image Text:Bledsoe Corporation has provided the following data for the month of November:
Inventories:
Beginning
$ 26,000
$ 18,000
$ 49,000
Ending
$ 22,000
$ 11,000
$ 57,000
Raw materials
Work in process
Finished Goods
Additional information:
Raw materials purchases
Direct labor cost
Manufacturing overhead cost incurred
Indirect materials included in manufacturing overhead cost incurred
Manufacturing overhead cost applied to Work in Process
$73,000
$93,000
$43,100
$ 4,100
$42,000
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 Manufactured.
BLEDSOE CORPORATION
Schedule of Cost of Goods Manufactured
Direct materials:
Transcribed Image Text:Complete this question by entering your answers in the table below.
Schedule of
Schedule of
COGM
COGS
Prepare a Schedule of Cost of Goods Manufactured.
BLEDSOE CORPORATION
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials available for use
Total Raw materials used in production
Direct materials used in production
Total manufacturing costs added to production
Total manufacturing costs to account for
Cost of goods manufactured
< Schedule of COGM
Schedule of COGS >
%24
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education