managerial accounting: lamonda corp. q.6

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 $232.770. (b) Requisitioned materials at a cost of $111,400, of which $15,500 was for general factory use. (c) Recorded factory labor of $225,500, of which $42,975 was indirect. (d) incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,300 23,300 51,750 11.200 19,200 (e) Applied overhead at a rate equal to 132 percent of direct labor cost. (0) Completed jobs costing $263,550. (9) Sold jobs costing $323,270 (h) Recorded sales revenue of $520,000 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.) Beg. Bal 29,200.00 19,000.00 End. Bal acturing Overhead Finished Goods Inventory 123,700.00 Beg. Bal End Bal Cost of Goods Sold Beg Bal End Bal Selling and Administrative Expenses Beg Bal End. Bal 3-a. Compute over- or underapplied manufacturing overhead (Round your answer to 2 decimal places.) 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? Decrease O Increase 4. Prepare Lamonda's cost of goods manufactured report for April. (Round your answers to 2 decimal places.) LAMONDA CORP Cost of Goods Manufactured Report For the Month of April Direct Materials Used Total Current Manufacturing Costs Cost of Goods Manufactured 5. Prepare Lamonde's April income statement. Include any adjustment to cost of Goods Sold needed to dispose of over or underapplied manufacturing overhead (Round your answers to 2 decimal places) Cost of Goods Solid Unated Cost Goodsad Cauta Net Income Loom Operations