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 $233,570. (b) Requisitioned materials at a cost of $110,900, of which $16,100 was for general factory use. (c) Recorded factory labor of $224,300, of which $43,375 was indirect. (d) Incurred other costs: $35,300 Selling expense Factory utilities. 24,000 Administrative expenses 50,550 Factory rent 10,600 Factory depreciation 20,800 (e) Applied overhead at a rate equal to 140 percent of direct labor cost. (1) Completed jobs costing $262.850. (a) Sold jobs costing $323,670. (h) Recorded sales revenue of $501,000. 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-s. 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? A Dinnenmandie roet of pande manufactured and for April (Band ** 3 dnalmalalt Prov 1 of 31 Next > # (e) Applied overhead at a rate equal to 140 percent of direct labor cost. (1) Completed jobs costing $262.850. (g) Sold jobs costing $323,670. (h) Recorded sales revenue of $501,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post ench 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. Reg 1 and 2 Req 3a Req 3b Req 4 Req 5 Post the April transactions to the accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost sep Round your answers to 2 decimal places.) Raw Materials Inventory Work in Process Inventory Beg Bal 29,500.00 Beg Bal 19,000,00 (a) End. Bal 29,500.00 End Bal 19,000.00 Manufacturing Overhead Finished Goods Inventory 125,000.00 Beg Bal Beg Bal 125,000.00 End. Bal End Bal. 0.00 Beg Bal End. Bal. Beg Bal End Bal Cost of Goods Sold 0.00 Nonmanufacturing Expenses 0.00 End Bal. Beg Bal End Bal C Reg 1 and 2 Saved Sales Revenue Req 3a > 0.00 0.00 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Req 3b Req 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 Req 3a 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? Oincrease Decrease Complete this question by entering your answers in the tabs below. 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 Cost of Goods Manufactured $ Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3a Req 3b Req 4 Beq 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 Req5 Unadjusted Cost of Goods Sold Adjusted Cost of Goods Sold Net Income (Loss) from Operations
