hows what is correct and incorrect for the work you have completed so far e work

Question

hows what is correct and incorrect for the work you have completed so far e work you have done so far is correct, you may not have completed everything 0.79 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 Apni (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 Seling expense Factory utiities Administrative expenses Factory rent 534,000 23,000 51,250 10,900 20,500 (e) Applied overhead at a rate equal to 137 percent of direct labor cost (D Completed jobs costing $263,150. (g) Sold jobs costing $323,070. h) Recorded sales revenue of $s05,000. 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 Answer is complete but not entirely correct. ss Inve Beg. Bal. 8,600.00 28,200.00 232,570.00 111,800.00) Beg Bal. 95,100.00263,150.00( o 182,025 00 249 374.00 End. Bal. 148,970.00 44 m 4 0

Explanation / Answer

(please answers needed to be rounded to 2 decimal figures,otherwise your calculations are correct Raw Materials Inventory Bal 28,200 111,800 b) (a) 232,570 Bal. 148,970 Work in process inventory Bal 18,600 263,150 f) (b) 95,100 (c ) 182,025 (e ) 249374.25 Bal 281,949.25 Finished Goods inventory Bal 123,300 323,070 (g) (f) 263,150 Bal 63,380 Manufacturing Overhead Beg bal (b) 16,700 249374.25 e) ( c) 43,275 (d) 23,000 (d) 10,900 (d) 20,500 Cost of goods sold (g) 323,070 Bal. Sales Revenue 505,000 (h) 505,000 Bal Selling and administrative expense (d) 34,000 (d) 51,250 Bal. 85,250 3-a) Manufacturing overhead Overapplied 134,999.25 3-b) Decrease Cost of goods manufactured report Beginning raw materials inventory 28,200 Add:Raw materials purchases 232,570 less:Indirect materials 16,700 less:Ending raw materials inventory 148,970 Direct materials used 95,100 Direct labor 182,025 Manufacturing overhead applied 249374.25 Total current manufacturing costs 526,499.25 Add:Beginning work in process inventory 18,600 less:Ending work in process inventory 281,949.25 Cost of goods manufactured. 263,150.00 Income Statement Sales Revenue 505,000 Cost of good sold Beginning finished goods inventory 123,300 Add cost of goods manufactured 263,150.00 less:Ending finished goods inventory 63,380 Unadjusted cost of goods sold 323,070.00 less:Overapplied manufacturing overhead 134,999.25 Adjusted cost of goods sold 188,070.75 Gross profit 316,929.3 Selling & administrative expense 85,250 Net income from operations 231,679.25

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