Question
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances: Raw Materials Inventory $ 25,000 Work in Process
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances:
Raw Materials Inventory | $ | 25,000 |
Work in Process Inventory | 55,000 | |
Finished Goods Inventory | 60,000 | |
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:
Selling expense | $ | 44,000 |
Factory utilities | 26,000 | |
Administrative expenses | 15,000 | |
Factory rent | 30,000 | |
Factory depreciation | 24,000 | |
(e) Applied overhead at a rate equal to 135 percent of direct labor cost. (f) Completed jobs costing $375,000. (g) Sold jobs costing $402,000. (h) Recorded sales revenue of $500,000. Required: Prepare all of Lamondas necessary journal entries for the month of April.
View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the purchase of raw materials on account. Note: Enter debits before credits Transaction General Journal Debit Credit a View general journal Record entry Clear entryStep by Step Solution
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