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 $232,570, (b) Requisitioned materials at a cost of $110,500, of which $15,300 was for general factory use. (c) Recorded factory labor of $225700, of which $42.575 was indirect (d) incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,600 22,800 $1,550 11,400 20,000 (e) Applied overhead at a rate equal to 139 percent of ditect labor cost. (0) Completed jobs costing $262.250. (0) Sold jobs costing $323,870. (1) Recorded sales revenue of $503,000 Required: 1. & 2. Post the April transactions to the accounts and compute the balance in the accounts at the end of April (Round your answers to 2 decimal places.) Raw Materials inventory Work in Process Inventory Beg Bal 28 300 00 300 Bar 10,000.00 3-a. Compute over or underapplied manufacturing overhead (Round your answer to 2 decimal places.) Manufacturing Overhead 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will cost of Goods Sold increase on decrease? O Increase Decrease 4. Prepare Lamonda's cost of goods manufactured report for April (Round your answers to 2 decimal places.) 4. 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 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 $232,570, (b) Requisitioned materials at a cost of $110,500, of which $15,300 was for general factory use. (c) Recorded factory labor of $225700, of which $42.575 was indirect (d) incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,600 22,800 $1,550 11,400 20,000 (e) Applied overhead at a rate equal to 139 percent of ditect labor cost. (0) Completed jobs costing $262.250. (0) Sold jobs costing $323,870. (1) Recorded sales revenue of $503,000 Required: 1. & 2. Post the April transactions to the accounts and compute the balance in the accounts at the end of April (Round your answers to 2 decimal places.) Raw Materials inventory Work in Process Inventory Beg Bal 28 300 00 300 Bar 10,000.00 3-a. Compute over or underapplied manufacturing overhead (Round your answer to 2 decimal places.) Manufacturing Overhead 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will cost of Goods Sold increase on decrease? O Increase Decrease 4. Prepare Lamonda's cost of goods manufactured report for April (Round your answers to 2 decimal places.) 4. 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
