The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,070. (b) Requisitioned materials at a cost of $111,100, of which $16,200 was for general factory use. (c) Recorded factory labor of $225,600, of which $42,975 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35, 200 24,500 50,850 11,900 20,000 (e) Applied overhead at a rate equal to 126 percent of direct labor cost. (f) Completed jobs costing $263,350. (g) Sold jobs costing $323,470. (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. (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.) Req 1 and 2 Req 3a Req 3b Req 4 Req 5 Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory 18,400.00 Beg. Bal. 29,300.00 Beg. Bal. End. Bal. 29,300.00 End. Bal. 18,400.00 Manufacturing Overhead Finished Goods Inventory 124,100.00 Beg. Bal. Beg. Bal. End. Bal. 124,100.00 End. Bal. 0.00 Cost of Goods Sold Sales Revenue End. Bal. 0.00 Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal. End. Bal. 0.00 End. Bal. 1 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 Req 3b Req 4 Req 5 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 Req 3b Req 4 Req 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 TO Decrease Req 1 and 2 Req 3a Req 3b Req 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 Req 1 and 2 Req Req 3b Req 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
