Question 17 (of 18) 0.64 points Lamonda Corp. uses a job order cost system. On A

Question

Question 17 (of 18) 0.64 points 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 Aprl (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 Factory utilities Administrative expenses Factory rent Factory depreciation $44,000 26,000 15,000 30,000 24,000 (e) Applied overhead at a rate equal to 135 percent of direct labor cost (1) Completed jobs costing $375,000 (9) Sold jobs costing $402,000 h) Recorded sales revenue of $500,000. Required 1. & 2. Post the April transactions to the Taccounts and compute the balance in the accounts at the end of April Raw Materials Inventory Work in Process Inventory Beg. Bal 25,000 Beg. Bal. 55,000 1 FI F3 FS F7 4

Explanation / Answer

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.

Working: Journal Entries:

1and2:

4. COGM

5. Income Statement:

Date Account Debit Credit a Raw Material Inventory 136000 a Accounts Payable 136000 (Purchase of Raw Material) b Work in Process Inventory 94000 b Manufacturing Overhead 28000 b Raw Material Inventory 122000 (Requisition of direct and indirect mat) c Work in Process Inventory 131000 c Manufacturing Overhead 24000 c Salaries and Wages Payable 155000 d Selling Expense 44000 d Manufacturing Overhead-Utilities 26000 d Administrative Expense 15000 d Manufacturing Overhead-Utilities-Rent 30000 d Manufacturing Overhead-Utilities-Dep 24000 d Accounts Payable 115000 d Accumulated Depreciation 24000 0 e Work in Process Inventory 131000*135% 176850 e Manufacturing Overhead 176850 (Overhead applied) (Predetermined Overhead Rate*Allocation Base) f Finished Goods Inventory 375000 f Work in Process Inventory 375000 h Accounts Receivable 500000 h Sale 500000 g Cost of goods sold 402000 g Finished Goods Inventory 402000 h Manufacturing Overhead 44850 h Cost of Goods Sold 44850 (Overapplied)

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

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