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 Purchased materials on account at a cost of $233,570 Requisitioned materials at a cost of $110,300, of which $15,400 was for general factory use Recorded unpaid factory labor of $223,800, of which $43,275 was indirect Incurred other costs Selling expense$ 34,100Factory utilities23,200Administrative expenses50,550Factory rent11,500Factory depreciation20,000 Applied overhead at a rate equal to 136 percent of direct labor cost Completed jobs costing $263,150 Sold jobs costing $324,470 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 Lamondas cost of goods manufactured report for April 5 Prepare Lamondas April income statement Include any adjustment to Cost of Goods Sold needed to dispose of over or underapplied manufacturing overhead

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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

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:

Purchased materials on account at a cost of $233,570.
Requisitioned materials at a cost of $110,300, of which $15,400 was for general factory use.
Recorded unpaid factory labor of $223,800, of which $43,275 was indirect.
Incurred other costs:

Selling expense$ 34,100Factory utilities23,200Administrative expenses50,550Factory rent11,500Factory depreciation20,000

Applied overhead at a rate equal to 136 percent of direct labor cost.
Completed jobs costing $263,150.
Sold jobs costing $324,470.
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 Lamondas cost of goods manufactured report for April.

5. Prepare Lamondas April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead.