PA2-1 (Algo) Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement [LO 2-3, 2-4, 2-5, 2-6] 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 $233,370. (b) Requisitioned materials at a cost of $111,100, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,800, of which $42,975 was Indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,600 24, 2ee 51,750 10,400 19,200 (e) Applied overhead at a rate equal to 130 percent of direct labor cost. (1) Completed Jobs costing $262,450. (9) Sold jobs costing $323,670. (n) Recorded sales revenue of $503,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 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. (Round your answers to 2 decimal places.) 5. Prepare Lamonda'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.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3a Reg 36 Reg 4 Req 5 Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory Beg. Bal. 29,000.00 Beg. Bal. 19,400.00 End. Bal. 29,000.00 End. Bal. 19,400.00 Finished Goods Inventory Manufacturing Overhead Beg. Bal 124,600.00 Beg. Bal. End. Bal. 124,600.00 End. Bal. 0.00 Cost of Goods Sold Sales Revenue Beg. Bal Beg. Bal End. Bal. 0.00 End. Bal. 0.00 Nonmanufacturing Expenses Beg. Bal End. Bal. 0.00 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Reg 36 Req 4 Req 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead Overapplied by Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Req 3b Reg 4 Reqs Prepare Lamonda's cost of goods manufactured report for April. (Round your answers to 2 LAMONDA CORP. Cost of Goods Manufactured Report For the Month of April Beginning Raw Materials Inventory $ 29,000.00 Plus: Raw Material Purchases Less: Indirect Materials 28,000.00 X Less: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Applied Total Current Manufacturing Costs S 0.00 Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Reg 36 Reg 4 Reqs Prepare Lamonda's April income statement. Include any adjustment to cost of Goods Sold needed to dispose of underapplied manufacturing overhead. (Round your answers to 2 decimal places.) LAMONDA CORP Income Statement For the Month of April Sales Revenue Cost of Goods Sold Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Net Income (Loss) from Operations
