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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: The following transactions
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 $231,670 (b) Requisitioned materials at a cost of $112,200, of which $16,600 was for general factory use (c) Recorded factory labor of $225,100, of which $43,075 was indirect (d) Incurred other costs Selling expense $35,300 Factory utilities 23,000 Administrative expenses 51,650 Factory rent 11,600 Factory depreciation 19,600 (e) Applied overhead at a rate equal to 140 percent of direct labor cost (1) Completed jobs costing $261,750 (g) Sold jobs costing $323,170 (h) Recorded sales revenue of $516,000 Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-8. 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? 4. Prepare Lamonda's cost of goods manufactured report for April. (Round your answers to 2 decimal places.) 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 places.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Req 3b) Req 4 Req 5 Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory Req 1 and Req 3a Req 3b Req 4 Req S Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost s Round your answers to 2 decimal places.) Raw Materials Inventory Beg Bal 28,500.00 End Bal 28,500.00 Work in Process Inventory Beg. Bal 18,300.00 End. Bal 18,300.00 Finished Goods Inventory Manufacturing Overhead Beg. Bal 124,700.00 Beg. Bal End Bal 124,700.00 End. Bal Cost of Goods Sold Sales Revenue Beg Bal Beg. Bal End Bal 0.00 Beg Bal Nonmanufacturing Expenses End. Bal 0.00 End Bal 0.00 0.00
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