Lamonda Corporation 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 $232,870. b. Requisitioned materials at a cost of $111,600, of which $15,800 was for general factory use. c. Recorded unpaid factory labor of $224,300, of which $42,075 was indirect. d. Incurred other costs: e. Applied overhead at a rate equal to 131 percent of direct labor cost. f. Completed jobs costing $263,150. 9. Sold jobs costing $324,270. h. Recorded sales revenue (on account) of $504,000. Required: 1. \& 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. 3-a. Compute over-or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? 4. Prepare Lamonda's cost of goods manufactured report for April. 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. Note: Post each transaction (d) cost separately. Round your answers to 2 decimal places. Rearal > 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, decrease? 4. Prepare Lamonda's cost of goods manufactured report for April. 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed underapplied manufacturing overhead. Complete this question by entering your answers in the tabs below. Compute over- or underapplied manufacturing overhead. Note: Round your answer to 2 decimal places. Required: 1. \& 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. 3-a. Compute over- or underapplied manufacturing overhead. 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Good decrease? 4. Prepare Lamonda's cost of goods manufactured report for April. 5. Prepare Lamonda's April income statement Include any adjustment to Cost of Goods Sold needed to dispose of ov underapplied manufacturing overhead. Complete this question by entering your answers in the tabs below. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increa or decrease? Prepare Lamonda's cost of goods manufactured report for April. Note: Round your answers to 2 decimal places. Prepare Lamonda's April income statement. Inciude any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. Note: Round your answers to 2 decimal places
