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 $233,370. (b) Requisitioned materials at a cost of $112,200, of which $15,200 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,275 was indirect. (d) Incurred other costs: Selling expense Factory uti ies Administrative expenses Factory rent Factory depreciation $35,100 22,900 50,450 10,500 20,100 (e) Applied overhead at a rate equal to 131 percent of direct labor cost. (1) Completed jobs costing $263,550. (g) Sold jobs costing $323,670. (h) Recorded sales revenue of $509,000. 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 on 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-on underapplied manufacturing overhead. (Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory Beg. Bal. Beg. Bal. (a) 28,900.00 233,370.00 18,500.00 97,000.00 112,200.00 (b) > (b) 263,550.00 (f) 182,025.00 (c) |(e) End. Bal. 150,070.00 238,452.75 End. Bal. 272,427.75 Finished Goods Inventory Manufacturing Overhead 124,100.00 Beg. Bal (0 263,550.00 323,670.00 (g) 15,200.00 238,452.75 (e) Beg. Bal. (b) (c) (d) 42,275.00 End. Bal. 63.980.00 10,500.00 (d) 22,900.00 '(d) 20,100.00 End. Bal 127 477.75 || He Cost of Goods Sold Sales Revenue Beg. Bal Beg. Bal. (9) 323,670.00 509,000.00 (h) End. Bal. 323.670.00 End. Bal. 509,000.00 Nonmanufacturing Expenses Beg. Bal. 35,100.00 (d) (d) End. Bal. 50,450.00 85,550.00 X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg Reg 3b Reg 4 Reg 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places. Manufacturing Overhead Overapplied by Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3a Reg 3b Req 4 Req 5 Prepare Lamonda's cost of goods manufactured report for April. (Round your ans LAMONDA CORP. Cost of Goods Manufactured Report For the Month of April Beginning Raw Materials Inventory Plus: 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 Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req 3a Reg 3b Req 4 Req 5 Prepare Lamonda's April income statement. Include any adjustment to Cost of underapplied manufacturing overhead. (Round your answers to 2 decimal places LAMONDA CORP. Income Statement For the Month of April Sales Revenue Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Less: Overapplied Manufacturing Overhead Adjusted Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Income (Loss) from Operations
