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PA2-1 (Algo) Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement [LO 2-3, 2-4,2-5, 2-6) 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 $232,770. (6) Requisitioned materials at a cost of $111,600, of which $15,900 was for general factory use. (c) Recorded factory labor of $223,900, of which $43,875 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Tactory rent Factory depreciation $34,500 24,500 49,850 11,700 20,500 (0) Applied overhead at a rate equal to 127 percent of direct labor cost Completed jobs costing $262,950. (9) Sold jobs costing $323,570. (h) Recorded sales revenue of $504,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 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 (Round your answers to 2 decimal places.) 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.) 11 Reg 1 and 2 Rega Reg 36 Reg 4 Reg 5 Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately, Round your answers to 2 decimal places.) 5 pots Raw Materials inventory 28,800.00 Work in Process Inventory 18,000.00 Beg Bal Beg Bal ooo End, Bal 20.000.00 Print End. Bal. 18,000.00 Belences Finial+Goods Inventory 123.50000 Manufacturing Overhead Beg B Beg Bal lend tal 123,500.00 End Bal 0.00 Geet of Goods Sold Sales Revenue Beg teg Ba End Dat 0.00 End Bal 0.00 Nanmanufacturing Expenses Beg Ba End Bar 0.00 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Reg 3b Reg 4 Reg 5 Compute over- or underapplied manufacturing overheid. (Round your answer to 2 decimal places.) Manufacturing Overhead Complete this question by entering your answers in the tabs below. Reg 4 Req 1 and 2 Reg 30 Reg 36 Reg 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 ht Reg 1 and 2 Reg 3a Reg 3b Reg 4 Req 5 eferences 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 + Direct Materials Used Total Current Manufacturing Costs 0.00 Cost of Goods Manufactured Complete this question by entering your answers in the tabs below. Reg 5 Req 1 and 2 Req 3a Reg 3b Reg 4 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.) ces LAMONDA CORP Income Statement For the Month of April Cost of Goods Sold Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Net Income (05) from Operations
