Question
Please answer this question fully and follow th chart Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as
Please answer this question fully and follow th chart
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 $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs:
Selling expense | $ | 44,000 |
Factory utilities | 26,000 | |
Administrative expenses | 15,000 | |
Factory rent | 30,000 | |
Factory depreciation | 24,000 | |
(e) Applied overhead at a rate equal to 135 percent of direct labor cost. (f) Completed jobs costing $375,000. (g) Sold jobs costing $402,000. (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 the April transactions to the T-accounts and compute the balance in the accounts at the end of April.
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