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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 $231,970 (b) Requisitioned materials at a cost of S111,100, of which $15,000 was for general factory use. (c) Recorded factory labor of $224,600, of which $43,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Fsctory rent Factory depreciation 535,600 23.400 50,850 12.000 19.100 e) Applied overhead at a rate equal to 127 percent of direct labor cost. () Completed jobs costing S263.750 (g) Sold jobs costing $324,670 (h) Recorded sales revenue of S515,000 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 29,800.00 Beg. Bal 18,300.00 End. Bsl End. Bal Finished Goods Inventory Manufacturing Overhead Beg. Bal 124,600.00 Beg. Bal End. Bal End. Bal Cost of Goods Sold Sales Revenue Beg. Bal Beg. Bal End. Bal End. Bal Selling and Administrative Expenses Beg. Bal End. Bsl
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