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 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 $111,000, of which $16,700 was for general factory use. c. Recorded unpaid factory labor of $224,900, of which $43,675 was indirect. d. Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 34,800 24,000 50,150 10,100 20,300 e. Applied overhead at a rate equal to 131 percent of direct labor cost. f. Completed jobs costing $262,950. g. Sold jobs costing $323,970. h. Recorded sales revenue (on account) of $508,000. 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. Debit Beginning Balance Ending Balance Raw Materials Inventory 29,600.00 Credit Debit Beginning Balance Ending Balance Work in Process Inventory 18,400.00 Credit Finished Goods Inventory Manufacturing Overhead Debit Credit Debit Credit Beginning Balance 123,000.00 Beginning Balance Ending Balance Ending Balance Cost of Goods Sold Sales Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Nonmanufacturing Expenses Debit Credit Beginning Balance Ending Balance Ending Balance Req 1 and 2 Req 3a Req 3b Req 4 Req 5 Compute over- or underapplied manufacturing overhead. Note: Round your answer to 2 decimal places. Manufacturing Overhead Req 1 and 2 Req 3a Req 3b Req 4 Req 5 If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? Increase Decrease Req 1 and 2 Req 3a Req 3b Req 4 Req 5 Prepare Lamonda's cost of goods manufactured report for April. Note: Round your answers to 2 decimal places. LAMONDA CORPORATION Cost of Goods Manufactured Report For the Month of April Direct Materials Used Total Current Manufacturing Costs Cost of Goods Manufactured Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. Note: Round your answers to 2 decimal places. LAMONDA CORPORATION Income Statement For the Month of April Cost of Goods Sold 123,000.00 262,950.00 Unadjusted Cost of Goods Sold 323,970.00 Adjusted Cost of Goods Sold Net Income (Loss) from Operations