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 $232,170. (6) Requisitioned materials at a cost of $111,700, of which $15,400 was for general factory use. (c) Recorded factory labor of $223,800, of which $43,575 was Indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35, 4ee 23,9ee 50,950 10,500 19,60 (e) Applied overhead at a rate equal to 142 percent of direct labor cost. (1) Completed jobs costing $262,950. (9) Sold jobs costing $323,570. (h) Recorded sales revenue of $510,000. 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 36 Reg 4 Reg 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 28.800.00 Work in Process Inventory 19,100.00 Beg. Bal. Beg Bal. End. Bal. 28.800.00 End. Bal. 19,100.00 Manufacturing Overhead Finished Goods Inventory 123.400.00 Beg. Bal. Beg. Bal End. Bal. 123.400.00 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 Reg 3a Reg 36 Reg 4 Reg 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead Overapplied by s 142,945.00 Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3a Req 3b Reg 4 Reg 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 Sales Revenue S 510,000.00 123,400.00 282,950.00 Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Less: Overapplied Manufacturing Overhead Adjusted Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Income (Loss) from Operations (62,780.00) 323.570.00 (142.945.00) X 000 S 180.625.00 329,375.00 (86.350.00) S 243,025.00