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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 $136,000. |
(b) | Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. |
(c) | Recorded factory labor of $155,000, of which $24,000 was indirect. |
(d) | Incurred other costs: |
I tried on some of them but they may bot be correct. Thanks so much
Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000 26,000 15,000 30,000 24,000 (e) Applied overhead at a rate equal to 135 percent of direct labor cost. () Completed jobs costing $375,000 (g) Sold jobs costing $402,000 (h) Recorded sales revenue of $500,000 Required 1 & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April Raw Materials Inventory Work in Process Inventory 55,000 94,000 131,000 176,850 Beg. Bal 25,000 136,000 Beg. Bal 94,000 r(b) 28,000 (c) 375,000 (f) End. Bal 39,000 End. Bal 81,850 Finished Goods Inventory Manufacturing Overhead Beg. Bal 60,000 375,000 Beg. Bal 176,850 (e) 26,000 30,000 24,000 24,000 28,000 375,000 (f) End. Bal 60,000 End. Bal 44,850 Cost of Goods Sold Sales Revenue Beg. Bal Beg. Bal End. Bal End. Bal Selling and Administrative Expenses Beg. Bal End. Bal
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