PA2-1 (Algo) Recording Manufacturing and Nonmanufacturing Costs, Preparing the Costs of Goods Manufactured Report ans Income Statement

Homework 0 Seved 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 Apr 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 (D) Requisitioned materials at a cost of $111700, of which $15.400 was for general factory use. (c) Recorded factory labor of $223,900, of which $42,975 was indirect (d) incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,200 23,600 51,650 1e, so 20,90 le) Apped overhead at a rate equal to 140 percent of direct tabor cost Completed jobs costing $263,550 Ig) Sold jobs costing $322,770. in Recorded sales revenue of $503,000 Required: 1. & 2. Post the Apni transactions to the T-accounts and compute the balance in the accounts at the end of Aprili. (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 of 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. Restland Saved 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 29.100.00 Work in Process Inventory 18.000.00 Beg Bal End Bal 29,100.00 End. Bal 18,000.00 Finished Goods Inventory 124,700.00 Manufacturing Overhead Beg Bai Beg Bal End Bal 124,700.00 End Bal 0.00 Cast of Goods Sold Beg Bar Beg Bal End Bar 0 00 End 0.00 Bo Bar Find Bal 0.00 Regja > Book Print m) Recorded sales revenue of $503,000. 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.) 3-5. If the balance in the Manufacturing Overhead account is closed directly to cost of Goods Sold, Will Cost of Goods Sold increase or decrease? 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-on underapplied manufacturing overhead. (Round your answers to 2 decimal places.) rences Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3a Reg 3b Reg 4 Reg 5 Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead I 2 Homework Seve 3-0. It me Darance in the manufacturing uverneau account is closed directly to cost or Goods Soid, Will Cost or Goods sold increase or decrease? 4. Prepare Lamonda's cost of goods manufactured report for Apni. (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. Reg 1 and 2 Reg 3a Reg 3b Reg 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