Lamonda Corp. uses a job order cost system. On April 1, the accounts had balance

Question

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 $233,270 (b) Requisitioned materials at a cost of $110,900, of which $15,700 was for general factory use (c) Recorded factory labor of $225,200, of which $42,375 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,200 24,100 50,050 11,300 19,700 (e) Applied overhead at a rate equal to 131 percent of direct labor cost. (f) Completed jobs costing $262,650. (g) Sold jobs costing $323,770. (h) Recorded sales revenue of $516,000 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.) Raw Materials Inventor Work in Process Invento Beg. Bal Beg. Bal 19,600.00 29,400.00 233,270.00 End. Bal. 262,670.00 End. Bal 19,600.00 Finished Goods Inventor Manufacturing Overhead Beg. Bal. 123,500.00 Beg. Bal End. Bal. 123,500.00 End. Bal 0.00 Cost of Goods Sold Sales Revenue Bal Beq. Bal End. Bal 0.00 End. Bal 0.00 Selling and Administrative Expenses Bal End. Bal 0.00 3-a. Compute over-or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) nu ring erhea

Explanation / Answer

Raw Materials Inventory Bal 29,400 110,900 b) (a) 233,270 Bal. 151,770 Work in process inventory Bal 19,600 262,650 f) (b) 95,200 (c ) 182,825 (e ) 239500.75 Bal 274,475.75 Finished Goods inventory Bal 123,500 323,770 (g) (f) 262,650 Bal 62,380 Manufacturing Overhead Beg bal (b) 15,700 239500.75 e) ( c) 42,375 (d) 24,100 (d) 11,300 (d) 19,700 Cost of goods sold (g) 323,770 Bal. Sales Revenue 516,000 (h) 516,000 Bal Selling and administrative expense (d) 35,200 (d) 50,050 Bal. 85,250 3-a) Manufacturing overhead Overapplied 126,325.75 3-b) Decrease Cost of goods manufactured report Beginning raw materials inventory 29,400 Add:Raw materials purchases 233,270 less:Indirect materials 15,700 less:Ending raw materials inventory 151,770 Direct materials used 95,200 Direct labor 182,825 Manufacturing overhead applied 239500.75 Total current manufacturing costs 517,525.75 Add:Beginning work in process inventory 19,600 less:Ending work in process inventory 274,475.75 Cost of goods manufactured. 262,650.00 Income Statement Sales Revenue 516,000 Cost of good sold Beginning finished goods inventory 123,500 Add cost of goods manufactured 262,650.00 less:Ending finished goods inventory 62,380 Unadjusted cost of goods sold 323,770.00 less:Overapplied manufacturing overhead 126,325.75 Gross profit 197,444.25 Selling & administrative expense 85,250 Net income from operations 112,194.25

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