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How to find the Adjusted Cost of goods sold, gross profit, and Net income (loss) from operations. I need help finding this. The following transactions
How to find the Adjusted Cost of goods sold, gross profit, and Net income (loss) from operations. I need help finding this.
The following transactions occurred during April: a. Purchased materials on account at a cost of $233,570. b. Requisitioned materials at a cost of $112,000, of which $16,400 was for general factory use. c. Recorded unpaid factory labor of $225,000, of which $43,375 was indirect. d. Incurred other costs: e. Applied overhead at a rate equal to 134 percent of direct labor cost. f. Completed jobs costing $263,150. g. Sold jobs costing $323,470. h. Recorded sales revenue (on account) of $519,000. \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ LAMONDA CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Month of April } \\ \hline Sales Revenue & $519,000.00 \\ \hline Cost of Goods Sold & 124,400.00 & \\ \hline Beginning Finished Goods Inventory & 263,150.00 & \\ \hline Plus: Cost of Goods Manufactured & 64,080.00 & \\ \hline Less: Ending Finished Goods Inventory & 323,470.00 & \\ \hline Unadjusted Cost of Goods Sold & 128,002.50 & \\ \hline Less: Overapplied Manufacturing Overhead & \\ \hline Adjusted Cost of Goods Sold & & \\ \hline Gross Profit & & \\ \hline Selling and Administrative Expenses & & \\ \hline Net Income (Loss) from Operations & & \\ \hline \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Sales Revenue } \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline & & 519,000.00 & (h) \\ \hline & & & \\ \hline Ending Balance & & 519,000.00 \\ \hline \end{tabular}Step by Step Solution
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