Question
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
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 $231,970. |
(b) | Requisitioned materials at a cost of $110,300, of which $16,300 was for general factory use. |
(c) | Recorded factory labor of $224,100, of which $43,375 was indirect. |
(d) | Incurred other costs: |
Selling expense | $ | 35,300 |
Factory utilities | 24,000 | |
Administrative expenses | 51,750 | |
Factory rent | 11,500 | |
Factory depreciation | 19,400 | |
(e) | Applied overhead at a rate equal to 127 percent of direct labor cost. |
(f) | Completed jobs costing $262,550. |
(g) | Sold jobs costing $322,670. |
(h) | Recorded sales revenue of $502,000. |
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 answers 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 or decrease? |
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4. | Prepare Lamondas cost of goods manufactured report for April. (Round your answers to 2 decimal places.) |
5. | Prepare Lamondas 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.) |
please answer the Q with full steps thnx |
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