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 $111,500, of which $16,700 was for general factory use. (c) Recorded factory labor of $225,000, of which $43,275 was indirect. (d) Incurred other costs: Selling expense $ 34,600 Factory utilities 23,300 Administrative expenses 51,250 Factory rent 11,700 Factory depreciation 20,800 (e) Applied overhead at a rate equal to 133 percent of direct labor cost. (f) Completed jobs costing $262,450. (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.)
Prepare Lamondas cost of goods manufactured report for April.
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