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

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 Aprit (a) Purchased materials on account at a cost of $233,270 (b) Requisitioned materials at a cost of $110.800, of which $15,000 was for general factory use (c) Recorded factory labor of $224,200, of which $43,475 was indirect (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,800 23,100 50,250 10,300 20,200 (e) Applied overhead at a rate equal to 125 percent of direct labor cost Completed obs costing S262750. (g) Sold jobs costing $323,670. (h) Recorded sales revenue of $503,000 Required: 1. & 2. Post the Apil 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 Work in Process Inventory Beg Bal 28,800.00 Beg. Bal 19,600.00 End Bal End Bal. Finished Goods Inventory Manufacturing Overhead Beg Bal 124.400 00 Beg Bal End Bal

Explanation / Answer

Raw Materials Inventory Bal 28,800 110,800 b) (a) 233,270 Bal. 151,270 Work in process inventory Bal 19,600 262,750 f) (b) 95,800 (c ) 180,725 (e ) 225906.25 Bal 259,281.25 Finished Goods inventory Bal 124,400 323,670 (g) (f) 262,750 Bal 63,480 Manufacturing Overhead Beg bal 0 (b) 15,000 225906.25 e) ( c) 43,475 (d) 23,100 (d) 10,300 (d) 20,200 End bal 113831.25 Cost of goods sold Beg bal 0 (g) 323,670 Bal. Sales Revenue Beg.Bal 0 503,000 (h) end bal 503,000 Selling and administrative expense Beg bal 0 (d) 34,800 (d) 50,250 Bal. 85,050 3-a) Manufacturing overhead Overapplied 113,831.25 3-b) Decrease Cost of goods manufactured report Beginning raw materials inventory 28,800 Add:Raw materials purchases 233,270 less:Indirect materials 15,000 less:Ending raw materials inventory 151,270 Direct materials used 95,800 Direct labor 180,725 Manufacturing overhead applied 225906.25 Total current manufacturing costs 502,431.25 Add:Beginning work in process inventory 19,600 less:Ending work in process inventory 259,281.25 Cost of goods manufactured. 262,750.00 Income Statement Sales Revenue 503,000 Cost of good sold Beginning finished goods inventory 124,400 Add cost of goods manufactured 262,750.00 less:Ending finished goods inventory 63,480 Unadjusted cost of goods sold 323,670.00 less:Overapplied manufacturing overhead 113,831.25 Adjusted cost of goods sold 209,838.75 Gross profit 293,161.25 Selling & administrative expense 85,050 Net income from operations 208,111.25

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

---

---

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