Question
Ladora Construction Company began operations on January 1, 2019, when it acquired $30,000 cash from the issuance of common stock. During the year, Ladora purchased
Ladora Construction Company began operations on January 1, 2019, when it acquired $30,000 cash from the issuance of common stock. During the year, Ladora purchased $6,000 of direct raw materials and used $5,640 of the direct materials. There were 108 hours of direct labor worked at an average rate of $20 per hour paid in cash. The predetermined overhead rate was $9 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building:
Direct Materials | Direct Labor Hours | |||
Job 1 | $ | 1,440 | 30 | |
Job 2 | 2,400 | 50 | ||
Job 3 | 1,800 | 28 | ||
The company paid $320 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $640. Ladora completed Jobs 1 and 2 and sold Job 1 for $5,000 cash. The company incurred $600 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to Cost of Goods Sold.
Required
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Record the preceding events in a horizontal statements model. The first event for 2019 has been recorded as an example. PLEASE HELP WITH PICTURE BELOW. I AM NOT SURE THE ORDER OR NUMBERS. PLEASE ANSWER IN SAME TEMPLATE AS PROBLEM. THANK YOU!
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