Answered step by step
Verified Expert Solution
Question
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 April (a) Purchased materials on account at a cost of $233 470 b) Requisitioned materials at a cost of 5111,100, of which 516,600 was for general factory use (c) Recorded factory labor of $224 600 of which $42.675 was indirect (d) Incurred other costs Administrative expenses Factory rent Factory depreciation 334 500 23.000 51 850 11.200 10 100 (e) Applied overhead at a rate equal to 134 percent of direct labor cost Completed jobs costing 5261.950 g) Sold jobs costing 5324 070 (hj Recorded sales revenue of 5519,000 Required: 1. & 2. Post the Apri 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 28 000 001 Work in Process inventory 0.50000 Beg Ba Beg Bal End. B 28,000.00 End. Bal 10 500.00 Manufacturing Overhead Finished Goods Inventory 24.700.00 Beg Ba End. Bat. 124.700.00 Cost of Goods Sold Bes Bal End 000 Selling and Administrative Expenses Beg Ba End, Bai 0001 3-a. Compute over- or underapplied manufacturing overhead (Round your answer to 2 decimal places Vanuing head
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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