PA2-1 (Algo) Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Good 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 $231,970. (b) Requisitioned materials at a cost of $111,500, of which $15,000 was for general factory use. (c) Recorded factory labor of $224,600, of which $43,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $36,000 24,000 51,750 11,700 20,700 (e) Applied overhead at a rate equal to 132 percent of direct labor cost. (Completed jobs costing $262.050. (g) Sold jobs costing $323,770. (h) Recorded sales revenue of $500,000. 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.) 3-0. 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.) Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (dy Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory Beg Bal 29,200.00 18,300.00 Beg Bal End Bal 29,200.00 End Bal 18,300.00 Manufacturing Overhead Finished Goods Inventory 123,900.00 Beg Ball Beg Bal End Bal 123 900.00 0.00 End Bal Sales Revenue Cost of Goods Sold Beg Bai Beg Bal 0.00 0.00 End Bal End. Bal Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Req3b Reg 4 Req 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 Reg 3a Reg 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 Req 1 and 2 Req 3a Reg 3b Reg 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 $ 0.00 Cost of Goods Manufactured Reg 1 and 2 Req 3a Req 3b Req 4 Reas 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
