i asked someone else on chegg and they were incorrect for some parts and for req 1&2 they got the E's wrong so i left it blank pls help :)
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 $233,370. (b) Requisitioned materials at a cost of $110,500, of which $15,500 was for general factory use. (c) Recorded factory labor of $225,000, of which $42,975 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,900 23,100 50,550 10,300 19,300 (e) Applied overhead at a rate equal to 142 percent of direct labor cost. (1) Completed jobs costing $263,250. (g) Sold jobs costing $324,170. (h) Recorded sales revenue of $501,000. Reauired: Return to que (e) Applied overhead at a rate equal to 142 percent of direct labor cost. (f) Completed jobs costing $263,250. (g) Sold jobs costing $324,170. (h) Recorded sales revenue 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. (Round your answe 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 decrease? 4. Prepare Lamonda's cost of goods manufactureg 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.) Answer is not complete. Complete this question by entering your answers in the tabs below. Return to 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 c Raw Materials Inventory Work in Process Inventory Beg. Bal. 28,700.00 Beg. Bal. 20,000.00 (a) 233,370.00 110,500.00 (b) (b) 263,250.00 O () 95,000.00 (c) 182,025.00 End. Bal. 151,570.00 (e) End. Bal. 33,775.00 Finished Goods Inventory Manufacturing Overhead Beg. Bal. 123,700.00 Beg. Bal. 263,250.00 324,170.00 (g) (b) 15,500.00 (e) 42,975.00 (c) End. Bal. 62,780.00 (d) 10,300.00 (d) 19,300.00 (d) 23,100.00 End Ral 111 175 00 Return End. Bal. 111,175.00 Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal. (g) 324,170.00 501,000.00 (h) End. Bal. 324,170.00 End. Bal. 501,000.00 Normanufacturing Expenses Beg. Bal. (d) 34,900.00 (d) 50,550.00 End. Bal. 85,450.00 K Reg 1 and 2 Req 3a > 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold neede underapplied manufacturing overhead. (Round your answers to 2 decimal places.) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 36 Req 3a Req 4 Req 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead Overapplied by LAMONDA CORP. Cost of Goods Manufactured Report For the Month of April $ 28,700.00 233,370.00 Beginning Raw Materials Inventory Plus: Raw Material Purchases 15,500.00 Less: Indirect Materials 151,570.00 $ 95,000.00 Less: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overtiead Applied 182,025.00 258,476.00 I24 535,501.00 O 292,251.00 Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory 20,000.00 Less: Ending Work in Process Inventory Cost of Goods Manufactured 263,250.00 LAMONDA CORP. Income Statement For the Month of April Sales Revenue 501,000.00 Cost of Goods Sold O 123,700.00 O 263,250.00 Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory 62,780.00 Unadjusted Cost of Goods Sold 324,170.00 Less: Overapplied Manufacturing Overhead 147,301.00 X Adjusted Cost of Goods Sold Gross Profit 324,131.00 Selling and Administrative Expenses 85,450.00 Net Income (Loss) from Operations 238,681.00
