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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 $233,570. (6) Requisitioned materials at a cost of $111,900, of which $15,100 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,575 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,700 23, 2ee 51,550 11,90 19,700 (e) Applied overhead at a rate equal to 130 percent of direct labor cost. Completed jobs costing $262,350. (9) Sold jobs costing $324,270. (n) Recorded sales revenue of $506,000. Beg. Bal. Raw Materials Inventory 29,200.00 233,570.00 111,900,00 () Beg. Bal. Work in Process Inventory 19,500.00 111.900.00 96,800.00 End. Bal. 150,870.00 End. Bal. 228,200.00 Manufacturing Overhead Beg. Bal Finished Goods Inventory 124,800.00 262,350.00 323,070.00 (9) Beg. Bal. End. Bal 64,080.00 15,100.00 42,575.00 23,200.00 11.900.00 19,700.00 112,475.00 Id) rid) End. Bal. End. Bal. 112,475.00 Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal. 324 270.00 506,000.00 (n) End. Bal. 324 270.00 End. Bal 506,000.00 Nonmanufacturing Expenses Beg, Bal End. Bal. 0.00 LAMONDA CORP. Cost of Goods Manufactured Report For the Month of April Direct Materials Used L AR Total Current Manufacturing Costs 0.001 Cost of Goods Manufactured 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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