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Bledsoe Corporation has provided the following data for the month of November: Inventories: Beginning Ending Raw materials $25,000 $21,000 Work in process $17,000 $10,000 Finished
Bledsoe Corporation has provided the following data for the month of November: Inventories: Beginning Ending Raw materials $25,000 $21,000 Work in process $17,000 $10,000 Finished Goods $48,000 $56,000 Additional information: Raw materials purchases $72,000 Direct labor cost $92,000 Manufacturing overhead cost incurred $42,000 Indirect materials included in manufacturing overhead cost incurred $ 4,000 Manufacturing overhead cost applied to Work in Process $41,000 Required: Prepare a Schedule of Cost of Goods Manufactured (12 marks) and a Schedule of Cost of Goods Sold (8 marks). Any underapplied or overapplied manufacturing overhead is closed out to the cost of goods sold. Clearly identify the amount of any underapplied or overapplied manufacturing overhead and adjusted cost of goods sold in the Schedule of Cost of Goods Sold
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