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Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: 4. Prepare Lamonda's cost
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: 4. Prepare Lamonda's cost of goods manufactured report for April. (Round your answers to 2 decimal places.) The following transactions occured during April: LAMONDA CORP. (a) Purchased materials on account at a cost of $231,770. (b) Requisitioned materials at a cost of $110,500, of which $16,500 was for general factory use. (c) Recorded factory labor of $224,900, of which $43,575 was indirect. (d) Incurred other costs: Cost of Goods Manufactured Report For the Month of April Beginning Raw Materials Inventory Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation S35.400 Plus: Raw Material Purchases 24.500 50,850 11,800 20,200 Less: Indirect Materials Less: Ending Raw Materials Inventory Direct Materials Used direct labor cost (e) Applied overhead at a rate equal to 138 percent (Completed jobs costing $262,950. (g) Sold jobs costing $323,670. (h) Recorded sales revenue of $517,000. Direct Labor Manufacturing Overhead Applied 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 answers to 2 decimal places.) Total Current Manufacturing Costs 0.00 Plus: Beginning Work in Process Inventory Raw Materials Inventory Work in Process Inventory Less: Ending Work in Process Inventory Beg Bal 28,200.00 Beg. Bal. 18,100.00 110,500.00 (b) 262,950.00 ( (a) 231,770.00 (b) 94,000.00 Cost of Goods Manufactured (c) 181,325.00 149,470.00 End. Bal. 250,228.50 (e) 280,703.50 End. Bal 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 place Beg. Bal. Beg Ba 124,200 00 323,670.00(g) 0.00 (e) 63,480.00 Plus: Cost of Goods Manufactured 20,200.00 Unadjusted Cost of Goods Sold Less Overappled Manufacturing Overhead End Ba 104,775 00 Adjusted Cost of Goods Sold Gross Proft Cost of Goods Sold 0.00 323,670.00 Net Income (Loss) from Operations 517.000.00 (h) 323,670 00 517,000.00 Selling and Administrative Expenses Beg. Bal. (a) 98,050 00 End 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Overapplied by 0.00
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