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 $232,270. (b) Requisitioned materials at a cost of $110,500, of which $16,100 was for general factory use. (c) Recorded factory labor of $223,700, of which $42,475 was indirect. (d) incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,200 24,400 51,150 10,900 20,400 (e) Applied overhead at a rate equal to 138 percent of direct labor cost. Completed jobs costing $261,850. (9) Sold jobs costing $324,170. (h) Recorded sales revenue of $519,000 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 (dl) 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? Next > Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 30 Reg 36 Reg 4 Reqs Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transacti Round your answers to 2 decimal places.) Raw Materials Inventory 29,500.00 Beg Bal Work in Process Inventory 19,000.00 Beg. Bal. End. Bal 29,500.00 End. Bal 19,000.00 Finished Goods Inventory 123,600.00 Manufacturing Overhead Beg. Bal Beg Bal. End. Bal. 123,600.00 End. Bal 0.00 Sales Revenue Cost of Goods Sold Beg. Bal. Beg. Bal 0.00 0.00 End. Bal End. Bal Nonmanufacturing Expenses Beg Bal End. Bal. 0.00 Rond 2 Reg 3a > Req 1 and 2 Req Req 3b Req 4 Req 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal Manufacturing Overhead Req 1 and 2 Req Req3b Req 4 Reg 5 Req 3b If the balance in the Manufacturing overhead account is closed directly to Cost of Goods Solc or decrease? O Increase O Decrease 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 t LAMONDA CORP. Cost of Goods Manufactured Report For the Month of April Direct Materials Used $ 0.00 Total Current Manufacturing Costs Cost of Goods Manufactured 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 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
