1 Skipped Lamonda Corporation uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: a. Purchased materials on account at a cost of $232,070. b. Requisitioned materials at a cost of $110,400, of which $16,900 was for general factory use. c. Recorded unpaid factory labor of $225,700, of which $42,875 was indirect. d. Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,500 22,900 50,450 11,000 19,400 e. Applied overhead at a rate equal to 139 percent of direct labor cost. f. Completed jobs costing $262,250. g. Sold jobs costing $323,070. h. Recorded sales revenue (on account) of $501,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April, 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? 4. Prepare Lamonda's cost of goods manufactured report for April. 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. 1 Debit Beginning Balance Ending Balance Skipped Debit Beginning Balance Ending Balance Raw Materials Inventory 29,300.00 Finished Goods Inventory 123,800.00 Credit Debit Beginning Balance Ending Balance Work in Process Inventory 19,900.00 Credit Manufacturing Overhead Credit Debit Credit Beginning Balance Ending Balance Cost of Goods Sold Sales Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Nonmanufacturing Expenses Debit Beginning Balance Ending Balance Credit 1 Skipped f. Completed jobs costing $262,250. g. Sold jobs costing $323,070. h. Recorded sales revenue (on account) of $501,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the account 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Good decrease? 4. Prepare Lamonda's cost of goods manufactured report for April. 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold underapplied manufacturing overhead. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 38 Req 3b Req 4 Req 5 Compute over- or underapplied manufacturing overhead. Note: Round your answer to 2 decimal places. Manufacturing Overhead > 1 Skipped e. Applied overhead at a rate equal to 139 percent of direct labor cost. f. Completed jobs costing $262,250. g. Sold jobs costing $323,070. h. Recorded sales revenue (on account) of $501,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase o decrease? 4. Prepare Lamonda's cost of goods manufactured report for April. 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. Complete this question by entering your answers in the tabs below. Req eq 1 and 2 Req 3a Req 3b Req 4 Req 5 If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? Increase Decrease Complete this question by entering your answers in the tabs below. 1 Req 1 and 2 Req 3a Req 3b Req 4 Req 5 Skipped Prepare Lamonda's cost of goods manufactured report for April. Note: Round your answers to 2 decimal places. LAMONDA CORPORATION Cost of Goods Manufactured Report For the Month of April Direct Materials Used Total Current Manufacturing Costs Cost of Goods Manufactured 1 Req 1 and 2 Req 3a Req 3b Req 4 Req 5 Skipped Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- underapplied manufacturing overhead. Note: Round your answers to 2 decimal places. LAMONDA CORPORATION Income Statement For the Month of April Cost of Goods Sold 123,800.00 262,250.00 Unadjusted Cost of Goods Sold 323,070.00 Adjusted Cost of Goods Sold Net Income (Loss) from Operations < Req 4 Req 5 >>