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] Lamonds 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 $231,670. (b) Requisitioned materials at a cost of $111,100, of which $16,400 was for general factory use. (c) Recorded factory labor of $223,900, of which $42,675 was Indirect (c) Incurred other costs: Selling expense $34,588 Factory utilities 24,500 Administrative expenses 50,758 Factory rent 10,900 Factory depreciation 19,100 (e) Applied overhead at a rate equal to 135 percent of direct labor cost (f) Completed jobs costing $261,950. (g) Sold jobs costing $322,770. (h) Recorded sales revenue of $502,000. 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 Req 3 Req 3b Req 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 Beg Bal 29,200.00 End. Bal Work In Process Inventory Bog. Bal 19,000.00 End. Bal Bog. Bal Finished Goods Inventory 123,500.00 Manufacturing Overhead Bog. Bal End. Bal End. Bal Cost of Goods Sold Sales Revenue Beg. Bal Bog. Bal End. Bal Nonmanufacturing Expences Bog. Bal End. Bal. End. Bal 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 $231,670. (b) Requisitioned materials at a cost of $111,100, of which $16,400 was for general factory use. (c) Recorded factory labor of $223,900, of which $42,675 was indirect. (d) Incurred other costs: Selling expense $34,500 Factory utilities 24,500 Administrative expenses 50,750 Factory rent 10,900 Factory depreciation 19,100 (e) Applied overhead at a rate equal to 135 percent of direct labor cost. (f) Completed jobs costing $261,950. (g) Sold jobs costing $322,770. (h) Recorded sales revenue of $502,000. 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 Req 3a Req 3b Req 4 Req 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead < Req 1 and 2 Req 3b > 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 $231,670. (b) Requisitioned materials at a cost of $111,100, of which $16,400 was for general factory use. (c) Recorded factory labor of $223,900, of which $42,675 was indirect. (d) Incurred other costs: Selling expense $34,500 Factory utilities 24,500 Administrative expenses 50,750 Factory rent 10,900 Factory depreciation 19,100 (e) Applied overhead at a rate equal to 135 percent of direct labor cost. (f) Completed jobs costing $261,950. (g) Sold jobs costing $322.770. (h) Recorded sales revenue of $502.000. 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 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? Oincrease Decrease < Req 3a Req 4 > 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 $231,670. (b) Requisitioned materials at a cost of $111,100, of which $16,400 was for general factory use. (c) Recorded factory labor of $223,900, of which $42,675 was Indirect. (d) Incurred other costs: Selling expense $34,500 Factory utilities 24,500 Administrative expenses 50,750 Factory rent 10,900 Factory depreciation 19,100 (e) Applied overhead at a rate equal to 135 percent of direct labor cost. (f) Completed jobs costing $261,950. (g) Sold jobs costing $322,770. (h) Recorded sales revenue of $502,000. 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 Req 3a Req 3b Req 4 Req 5 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 < Req 3b Req 5 > 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 $231,670. (b) Requisitioned materials at a cost of $111,100, of which $16,400 was for general factory use. (c) Recorded factory labor of $223,900, of which $42,675 was Indirect. (d) Incurred other costs: Selling expense $34,500 Factory utilities 24,500 Administrative expenses 50,750 Factory rent 10,900 Factory depreciation 19,100 (e) Applied overhead at a rate equal to 135 percent of direct labor cost. (f) Completed jobs costing $261,950. (g) Sold jobs costing $322.770. (h) Recorded sales revenue of $502,000. 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 Req 3a Req 3b Req 4 Req 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.) LAMONDA CORP. Income Statement For the Month of April Cost of Goods Sold Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Net Income (Loss) from Operations < Req 4 Req 5 >