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 (e) Applied overhead at a rate equal to 138 percent of direct labor cost. Completed jobs costing $261,850. (g) 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 Lamondo'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.) Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req Req 3b Reg 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) cost separately. Round your answers to 2 decimal places.) Show less Raw Materials Inventory Work in Process Inventory Beg. Bal 28,300.00 Beg. Bal. 19,500.00 231,970.00 (b) 94.700.00 111,200.00) 1) 182,425.00 End. Bal 149,070.00 (e) 261,850.000 End. Bal. 34.775.00 Manufacturing Overhead Finished Goods Inventory Beg. Bal 123,500.00 (0) 261,850.00 323,170.00 (9) End. Bal. 62,180.00 Beg. Bal. (b) (c) (d) fo) d) End. Bal. 16,500.00 42,075.00 23,900.00 11,300.00 19,800.00 113,575.00 Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal 323,170.00 519,000.00 h) End. Bal. 323,170.00 End. Bal. 519,000.00 Nonmanufacturing Expenses Beg. Bal. (d) 34,900.00 (d) 51,750.00 End. Bal. 86,650.00 Rent Reg 3 > Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req 3a Reg 3b Req4 Reg 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead Overapplied by Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg Req 3b Reg 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 Inventory Plus: Raw Material Purchases Less: Indirect Materials Less: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Applied Total Current Manufacturing Costs $ 0.00 Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Complete this question by entering your answers in the tabs below. RJ45 Req 1 and 2 Req Req3b Reg 4 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 Plus: Cost of Goods Manufactured 261,850.00 Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold 323,170.00 Less: Overapplied Manufacturing Overhead Adjusted Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Income (Loss) from Operations
