Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $232,370. (b) Requisitioned materials at a cost of $111.800, of which $15,900 was for general factory use. (c) Recorded factory labor of $225,400, of which $42.275 was indirect (d) Incurred other costs: Selling expense qutory utilities Adininistrative expenses Factory rent Factory depreciation $35,000 23,500 50, 350 11,300 19,700 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (0) Completed jobs costing $262.250. (9) Sold jobs costing $322,770. (h) Recorded sales revenue of $503,000. dcimal places.) of over-or Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Req 3b Req 4 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) ce Round your answers to 2 decimal places.) Raw Materials Inventory 29,300.00 Work in Process Inventory Beg. Bal. Beg. Bal 18,600.00 End. Bal. 29,300.00 End. Bal. 18,600.00 Manufacturing Overhead Finished Goods Inventory 124,500.00 Beg. Bal Beg. Bal. End. Bal. 124,500.00 0.00 End. Bal. Soved End. Bal. 124,500.00 End. Bal 0.00 Cost of Goods Sold Bog, Bal Sales Revenue Beg Bal End. Bal. + 0.00 End. Bal 0.00 Nonmanufacturing Expenses Beg Bal End. Bal 0.00 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places Manufacturing Overhead Prepare Lamonda's cost of goods manufactured report for April. (Round your answers to 2 decimal pl LAMONDA CORP. Cost of Goods Manufactured Report For the Month of April 2 Direct Materials Used $ 0.00 Total Current Manufacturing Costs Cost of Goods Manufactured Req 5 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

11th Canadian edition Volume 2

1119048540, 978-1119048541

Students also viewed these Accounting questions