D ACC 2013 Chapter 2 HW O ezto.mheducation.com/hm.tpx t Bookmarks Lamonda Corp.

Question

D ACC 2013 Chapter 2 HW O ezto.mheducation.com/hm.tpx t Bookmarks Lamonda Corp. uses a job order cost system. On Apnil 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 $232,570 (b) Requisitioned materials at a cost of $111,800, of which $16,700 was for general factory use. (c) Recorded factory labor of $225,300, of which $43,275 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,000 23,000 51,250 10,900 (e) Applied overhead at a rate equal to 137 percent of direct labor cost () Completed jobs costing $263,150 (9) Sold jobs costing $323,070, (h) Recorded sales revenue of $505,000 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 answ places Raw Materials Inventory Work in Process Inventory Beg. Bal 28,200.00 Beg. Bal. 18,600.00 End. Bal. End. Bal O FA FS 4

Explanation / Answer

2. Over applied by 134999.25

3. Cost of goods sold will decrease

Raw material Inventory Bal . 4/1 28200 Work in progress 95100 Purchase 232570 Manufacturing overheads 16700 260770 111800 Bal . 4/30 148970 Work in progress inventory Bal . 4/1 18600 Finished goods 263150 Direct material 95100 Direct labor 182025 Manufacturing overheads 249374.25 545099.25 263150 Bal . 4/30 281949.25 Finshed goods inventory Bal . 4/1 123300 Cost of goods sold 323070 Work in progress 263150 386450 323070 Bal 4/30 63380 Manufacturing overheads Indirect material 16700 Work in progress 249374.25 Indirect labor 43275 Other manufacturing overheads 54400 114375 249374.25 Bal 4/30 134999.25 Cost of goods sold Finished goods 323070 Overapplied 134999.25 Bal 4/30 188070.75 Sales revenue Sales 505000 Selling and admin expense Selling expense 34000 Admin expense 51250 Baln 4/30 85250

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.