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Help, and it would really help me if you could explain what you plugged in to get the answers. Thanks Lamonda Corp. uses a job
Help, and it would really help me if you could explain what you plugged in to get the answers. Thanks
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 $233,270. (b) Requisitioned materials at a cost of $110,300, of which $16,500 was for general factory use. (c) Recorded factory labor of $223,800, of which $42,575 was indirect. (d) Incurred other costs: Selling expense Pactory utilities Administrative expenses Factory rent Pactory depreciation $34,500 24,000 51,450 11,500 19,200 (e) Applied overhead at a rate equal to 131 percent of direct labor cost. (f) Completed jobs costing $263,150. (g) Sold jobs costing $323,470. (1) Recorded sales revenue of $504,000. 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 Less: Cost of Goods Manufactured Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Net Income (Loss) from OperationsStep by Step Solution
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