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) pped 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 $232,770. (6) Requisitioned materials at a cost of $112,200, of which $16,300 was for general factory use. (c) Recorded factory labor of $225,500, of which $43,075 was indirect. (d) Incurred other costs: BOOK int rences Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,700 24,100 51,650 11,600 19,900 (e) Applied overhead at a rate equal to 141 percent of direct labor cost. m Completed jobs costing $261850, (a) Sold jobs costing $324,470, ) Recorded sales revenue of $505,000 Required: (e) Applied overhead at a rate equal to 141 percent of direct labor cost. Completed jobs costing $261,850. (9) Sold jobs costing $324,470. (n) Recorded sales revenue of $505,000. 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 30 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 transaction (d) Round your answers to 2 decimal places.) Raw Materials Inventory Beg Bal 28,100.00 Work In Process Inventory 19,400.00 Beg Bal Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Reg 36 Req 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 ( Round your answers to 2 decimal places.) Work In Process Inventory Raw Materials Inventory 28,100.00 Beg. Bal. Beg. Bal 19,400.00 End. Bal. 28,100.00 End. Bal 19.400.00 Manufacturing Overhead Finished Goods Inventory 124,300.00 Beg. Bal Beg Bal End. Bal. 124,300.00 End. Bal. 0.00 Check my work End. Bal 124,300.00 End. Bal 0.00 d Cost of Goods Sold Sales Revenue Beg Bal Beg Bal End. Bal 0.00 End. Bal. 0.00 sces Nonmanufacturing Expenses Bog. Bal End. Bal 0.00 ecimal places.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 30 Reg 36 Reg 4 Reg 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.). Manufacturing Overhead Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Reg 36 Reg 4 Reg 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 Complete this question by entering your answers in the tabs below. Check my Req 1 and 2 Reg Reg 36 Reg 4 Req5 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 $ 0.00 Cost of Goods Manufactured Complete this question by entering your answers in the tabs below. Check my w Req 1 and Reg 3a Req 36 Reg 4 Reqs 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
