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 $231,970. (b) Requisitioned materials at a cost of $111,200, of which $16,500 was for general factory use. (c) Recorded factory labor of $224,500, of which $42,075 was indirect (d) incurred other costs: Selling expense $34,900 Factory utilities 23,900 Administrative 51,750 expenses Factory rent 11,300 Factory depreciation 19,800 le) Applied overhead at a rate equal to 138 percent of direct labor cost. Completed jobs costing $261,850. (9) Sold jobs costing $323,170. (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 (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.) 3-5. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will cost of Goods Sold increase or decrease? 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- or underapplied manufacturing overhead. (Round your answers to 2 decimal places.) wa LipiELE WULFIL HLEY LUCU ats Complete this question by entering your answers in the tabs below. Req 4 Reg 1 and 2 Req 3a Req 3b Req 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. 28,300.00 Bal. 19,500.00 (a) 231,970.00 94,700.00 X (6) (6) 94.700.00 261,850.00 ( 16,500.00 X (6) X (C) 182,425.00 End. Bal. 149,070.00 (e) 251,747.00 0 End. Bal. 286,522.00 Beg Manufacturing Overhead Beg Bal. Finished Goods Inventory 123,500.00 261,850.00 323,170.00 (9) Beg Bal. (b) (c) (d) End. Bal. 62,180.00 16,500.00 251,747.00x (e) 42,075.00 23,900.00 11,300.00 19,800.00 X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req Req 3b Req 4 Req 5 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 $ 28,300.00 Inventory Plus: Raw Material Purchases 231,970.00 Less: Indirect Materials (16,500.00 Less: Ending Raw Materials Inventory (149,070.00 Direct Materials Used $ 94,700.00 Direct Labor 182,425.00 Manufacturing Overhead Applied 251,747.00% Total Current Manufacturing $ 528,872.00 Costs Plus: Beginning Work in Process Inventory 19,500.00 Less: Ending Work in Process Inventory (286,522.00% Cost of Goods Manufactured $ 261,850.00 X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Req 3b Req 4 Req 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.) Show less LAMONDA CORP. Income Statement For the Month of April Sales Revenue 519,000.00 Cost of Goods Sold Beginning Finished Goods Inventory 123,500.00 Plus: Cost of Goods Manufactured 261,850.00 Less: Ending Finished Goods Inventory 385,350.00% Unadjusted Cost of Goods Sold 323,170.00 Less: Overapplied Manufacturing Overhead (138,172.00 $ Adjusted Cost of Goods Sold 184,998.00 Gross Profit 334,002.00 Selling and Administrative Expenses 86,650.00 Net Income (Loss) from Operations 247,352.00%
