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 $232,870. (b) Requisitioned materials at a cost of $112,100, of which $16,300 was for general factory use. (c) Recorded factory labor of $224,200, of which $43,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,700 22,900 50,450 11,700 20,600 (e) Applied overhead at a rate equal to 138 percent of direct labor cost. (0) Completed jobs costing $262,250. (a) Sold jobs costing $324,470. (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 transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underappled 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 Lomonda's cost of goods manufactured report for April (Round your answers to 2 decimal places.) 5. Prepare Lomonda'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. Reg 4 Req 1 and 2 Req 30 Reg 36 Reg 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 Beg Bal 29,000.00 Beg Bal 19,200.00 End. Bal 29,600.00 End. Bal 19,200.00 Finished Goods Inventory 124 200.00 Manufacturing Overhead Bog Bal Beg Bal End Bal 124,200.00 End. Bat. 0.00 Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal End. Bal. 0.00 End. Bal. 0.00 Nonmanufacturing Expenses Beg Bal End. Bal. 0.00 Reg 1 and 2 Req3a > Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Reg 3b Req4 Reg 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) FER Manufacturing Overhead Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3a Reg 36 Reg 4 Reg 5 ***** If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will cost of Goods Sold increase for decrease? Increase Decrease Complete this question by entering your answers in the tabs below. Req 1 and 2 Req Req 3b Reg 4 Req5 Prepare Lamonda's cost of goods manufactured report for April. (Round your answers to 2 decimal places........ LAMONDA CORP Cost of Goods Manufactured Report For the Month of April Direct Materials Used Total Current Manufacturing Costs $ 0.00 Cost of Goods Manufactured Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3a Reg 36 Reg 4 Reg 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.). LAMONDA CORP Income Statement For the Month of April Cost of Goods Sold Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Net Income (Loss) from Operations
