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 $233,170. (b) Requisitioned materials at a cost of $111,100, of which $15,000 was for general factory use. (c) Recorded factory labor of $225,400, of which $43,675 was indirect. (d) Incurred other costs:
Selling expense | $ | 35,300 |
Factory utilities | 24,500 | |
Administrative expenses | 50,850 | |
Factory rent | 11,100 | |
Factory depreciation | 19,400 | |
(e) Applied overhead at a rate equal to 130 percent of direct labor cost. (f) Completed jobs costing $263,750. (g) Sold jobs costing $324,370. (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.)
(please follow the same setup as these. I do not need journal entries with acc. payable, etc.)
Raw Materials Inventory Work in Process Inventory Beg. Bal. 28,400.00 Beg. Bal. 19,500.00 End. Bal. End. Bal. Finished Goods Inventory Manufacturing Overhead Beg. Bal. 125,000.00 Beg. Bal. End. Bal End. Bal. Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Selling and Administrative Expenses Beg. Bal. End. BalStep by Step Solution
There are 3 Steps involved in it
Step: 1
To complete the Taccounts based on the transactions provided lets go through the steps one by one Step 1 Transactions Posting a Purchased materials on ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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