Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
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 Aprit: (a) Purchased materials on account at a cost of $232,570 (b) Requisitioned materials at a cost of $110,500, of which $15,500 was for general factory use. (c) Recorded factory labor of $225,400, of which $41,975 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,800 23,400 50,750 11,900 19,700 (e) Applied overhead at a rate equal to 143 percent of direct labor cost. () Completed jobs costing $263,050. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $514,000. 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. 28,900.00 Beg. Bal. 18.800.00 28,900.00 End. Bal. End. Bal. 18,800.00 Ma Finished Goods Inventory
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started