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 $231,870 (b) Requisitioned materials at a cost of $111,300, of which $14,900 was for general factory use (c) Recorded factory labor of $225,000, of which $42,375 was indirect. (d) Incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,700 23,700 50,850 10,800 20,200 (e) Applied overhead at a rate equal to 131 percent of direct labor cost. ( Completed jobs costing $262,250 (g) Sold jobs costing $324,170 (h) Recorded sales revenue of $508,000.

Explanation / Answer

1. & 2.

3-a.

3-b. Decrease

4.

5.

Raw Materials Inventory Work in Process Inventory Beg. Bal. 29100.00 111300.00 (b) Beg. Bal. 18300.00 262250.00 (f) (a) 231870.00 (b) 96400.00 (c) 182625.00 End. Bal. 149670.00 (e) 239238.75 End. Bal. 274313.75 Finished Goods Inventory Manufacturing Overhead Beg. Bal. 124600.00 324170.00 (g) Beg. Bal. 0.00 239238.75 (e) (f) 262250.00 (b) 14900.00 (c) 42375.00 End. Bal. 62680.00 (d) 23700.00 (d) 10800.00 (d) 20200.00 End. Bal. 127263.75 Cost of Goods Sold Sales Revenue Beg. Bal. 0.00 Beg. Bal. 0 (g) 324170.00 508000.00 (h) End. Bal. 324170.00 End. Bal. 508000.00 Selling and Administrative Expenses Beg. Bal. 0.00 (d) 35700.00 (d) 50850.00 End. Bal. 86550.00

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