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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 occurred
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 $233,470. b) Requisitioned materials at a cost of $111,100, of which $16,600 was for general factory use. (c) Recorded factory labor of $224,600, of which $42,675 was indirect (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,500 23,900 51,650 11,200 19,100 (e) Applied overhead at a rate equal to 134 percent of direct labor cost Completed jobs costing $261,950. (g) Sold jobs costing $324,070 (h) 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. (Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory Beg. Bal. Beg. Bal. 19,500.00 28,900.00 233,470.00 262,370.00 End. Bal. 19,500.00 End. Bal Finished Goods Inventory Manufacturing Overhead Beg. Bal. Beg. Bal. 124,700.00 End. Bal. 124,700.00 End. Bal. 0.00 Cost of Goods Sold Sales Revenue eg. Bal. Beg. Bal. 0.00 End. Bal End. Bal 0.00 Selling and Administrative Expenses Beg. Bal. End. Bal. 0.00 4. 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 5. Prepare Lamonda's April Income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplled 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
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