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 $233,070. (b) Requisitioned materials at a cost of $112,200, of which $15,000 was for general factory use. (c) Recorded factory labor of $225,600, of which $43,775 was indirect. (d) incurred other costs: Selling expense $35,400 Factory utilities 24, 200 Administrative 51,050 expenses Factory rent 11,400 Factory 19,900 depreciation le) Applied overhead at a rate equal to 130 percent of direct labor cost. m Completed jobs costing $261,950. (9) Sold jobs costing $324.270. th) Recorded sales revenue of $519,000. 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 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 Aprill (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.) Reg 1 Reg 3a Reg 3b Reg 4 and 2 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.) Show less Raw Materials Inventory Work in Process Inventory Beg. Bal. 28,900.00 Beg. Bal 19,900.00 ila) 233,070.00 112,200.00 (0) b) 94,800.00 261.950.000 (c) 183,225.00 End. Bal. 149,770.00 le) 247.254.00 End. Bal. 283,229.00 Manufacturing Overhead Beg. Bal. Finished Goods Inventory 123,600.00 261,950.00 324,270.00 (19) End. Bal. 61,280.00 Beg. Bal. (b) (c) Id) (d) (d) End. Bal. 15,000.00 23,637.25e) 43.775.00 24,200.00 11,400.00 19,900.00 90,637.75 Cost of Goods Sold Sales Revenue Beg. Bal. (19) 324,270.00 Beg. Bal. in) 519,000.00 End. Bal. 324,270.00 End. Bal. 519,000.00 Nonmanufacturing Expenses Beg. Bal. (d) 35,400.00 fid) 51,050.00 End. Bal. 86,450.00 Reg 1 and 2 Req 3a Req 3b Reg 4 Reg 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places........... Manufacturing Overhead Overapplied by $ 23,637.25 Reg 1 Req 3a Req 3b and 2 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 or decrease? Olncrease Decrease Reg 1 Req 3a Reg 3b Reg 4 Reg 5 and 2 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 Beginning Raw Materials Inventory Less: Raw Material Purchases Less: Indirect Materials Less: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Applied $ 0.00 Total Current Manufacturing Costs Less: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured $ Reg 1 Req 3a Req 3b Reg 4 Reg 5 and 2 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.) Show less LAMONDA CORP Income Statement For the Month of April Sales Revenue 51,900.00 Cost of Goods Sold Beginning Finished Goods 385,550.00 Inventory Plus: Cost of Goods Manufactured 261.950.00 Less: Ending Finished Goods Inventory 61,280.00 Unadjusted Cost of Goods Sold 324 270.00 Less: Overapplied Manufacturing Overhead 236,373.00 Adjusted Cost of Goods Sold $ 385,550.00 Gross Profit 316.828.00 Selling and Administrative Expenses (86.450.00) Net Income (Loss) from $ Operations 230.318.00
