Lamonda Corp. uses a job order cost system. On April 1, the accounts had balance
ID: 2329721 • Letter: L
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 $233,170.
(b) Requisitioned materials at a cost of $111,100, of which $15,000 was for general factory use.
(c) Recorded factory labor of $225,400, of which $43,675 was indirect.
(d) Incurred other costs:
(e) Applied overhead at a rate equal to 130 percent of direct labor cost.
(f) Completed jobs costing $263,750.
(g) Sold jobs costing $324,370.
(h) Recorded sales revenue of $502,000.
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.)
(please follow the same setup as these. I do not need journal entries with acc. payable, etc.)
Selling expense $ 35,300 Factory utilities 24,500 Administrative expenses 50,850 Factory rent 11,100 Factory depreciation 19,400 Raw Materials Inventory Work in Process Inventory Beg. Bal. 28,400.00 Beg. Bal. 19,500.00 End. Bal. End. Bal. Finished Goods Inventory Manufacturing Overhead Beg. Bal. 125,000.00 Beg. Bal. End. Bal End. Bal. Cost of Goods Sold Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Selling and Administrative Expenses Beg. Bal. End. Bal.Explanation / Answer
Raw Materials Inventory Bal 28,400 111,100 b) (a) 233,170 Bal. 150,470 Work in process inventory Bal 19,500 263,750 f) (b) 96,100 (c ) 181,725 (e ) 236242.50 Bal 269,817.50 Finished Goods inventory Bal 125,000 324,370 (g) (f) 263,750 Bal 64,380 Manufacturing Overhead Beg bal 0 (b) 15,000 236242.50 e) ( c) 43,675 (d) 24,500 (d) 11,100 (d) 19,400 End bal 122,567.50 Cost of goods sold Beg bal 0 (g) 324,370 Bal. Sales Revenue Beg.Bal 0 502,000 (h) end bal 502,000 Selling and administrative expense Beg bal 0 (d) 35,300 (d) 50,850 Bal. 86,150
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.