Hello! I know some parts are wrong, please help me with parts 1-5, I greatly appreciate it and thank you so much in advance!!
Lamonda Corp. 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 $233,570. (b) Requisitioned materials at a cost of $110,900, of which $15,000 was for general factory use. (c) Recorded factory labor of $223,700, of which $42,075 was indirect (d) Incurred other costs: $34,200 23,500 50,550 10,300 20,800 Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation (e) Applied overhead at a rate equal to 129 percent of direct labor cost. ( Completed jobs costing $263,550. (g) Sold jobs costing $324,270. (h) Recorded sales revenue of $514,000. Required: 1.& 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory 28,100.00 Beg. Bal. Beg. Bal 19,700.00 110,900.00 (b) (b) (a) 233,570.00 95,900.00 181,625.00 (c) 150,770.00 End. Bal (e) 234,296 25 263,550.00 () End. Bal 267,971.25 Finished Goods Inventory Manufacturing Overhead Beg. Bal 124,000.00 Beg. Bal 15,000.00 (b) 263,550.00 324,270.00 (g) (c) 42,075.00 End. Bal. 54,600.00 63,280.00 (d) 234,296.25 (e) End. Bal. 122,621.25 Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal. 514,000.00 (h) (g) 324,270.00 514,000.00 End. Bal. End. Bal. 324,270.00 Selling and Administrative Expenses Beg. Bal (d) 34,200.00 (d) 50,550.00 84,750.00 End. Bal. 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead Overapplied by 122,621.00 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? Increase Decrease 4. Prepare Lamonda's cost of goods manufactured report for April. (Round your answers to 2 decimal places.) LAMONDA CORP. Cost of Goods Manufactured Report For the Month of April Beginning Raw Materials Inventory $28,100.00 Plus: Raw Material Purchases 233,570.00 (150,770.00) Less: Indirect Materials Direct Materials Used $95,900.00 Direct Labor 181,625.00 Manufacturing Overhead Applied 234,296.00 S Total Current Manufacturing Costs 511,821.00 Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory 19,700.00 (267,971.00) Cost of Goods Manufactured 263,550.00 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. (Round your answers to 2 decimal places.) LAMONDA CORP. Income Statement For the Month of April Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Net Income (Loss) from Operations
