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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 $232,270. (b) Requisitioned materials at a cost of $111,400, of which $15,300 was for general factory use. (c) Recorded factory labor of $225,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense $34,400 Factory utilities 23,500 Administrative expenses 51,750 Factory rent 11,700 Factory depreciation 20,600 (e) Applied overhead at a rate equal to 137 percent of direct labor cost. (f) Completed jobs costing $261,950. (g) Sold jobs costing $323,270. (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. (Post each Prev 1 of 3 Next >
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