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 $232,370 (b) Requisitioned materials at a cost of $111,400, of which $15,500 was for general factory use. (c) Recorded factory labor of $224,100, of which $43,775 was indirect (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,500 23,400 51,550 10,800 20,500 (e) Applied overhead at a rate equal to 142 percent of direct labor cost () Completed jobs costing $262,650. (9) Sold jobs costing $323,270 (h) Recorded sales revenue of $509,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of Aprit. (Round your answers to 2 deci Work in Process Inventory Raw Materials Inventory Beg. Bal 29,100.00 Beg. Bal 18,800,00 End Bal End Bal

Explanation / Answer

Raw Materials Inventory Bal 29,100 111,400 b) (a) 232,370 Bal. 150,070 Work in process inventory Bal 18,800 262,650 f) (b) 95,900 (c ) 180,325 (e ) 256061.50 Bal 288,436.50 Finished Goods inventory Bal 124,800 323,270 (g) (f) 262,650 Bal 64,180 Manufacturing Overhead Beg bal (b) 15,500 256061.50 e) ( c) 43,775 (d) 23,400 (d) 10,800 (d) 20,500 Cost of goods sold (g) 323,270 Bal. Sales Revenue 505,000 (h) 519,000 Bal Selling and administrative expense (d) 34,500 (d) 51,550 Bal. 86,050 3-a) Manufacturing overhead Overapplied 142,086.50 3-b) Decrease Cost of goods manufactured report Beginning raw materials inventory 29,100 Add:Raw materials purchases 232,370 less:Indirect materials 15,500 less:Ending raw materials inventory 150,070 Direct materials used 95,900 Direct labor 180,325 Manufacturing overhead applied 256061.50 Total current manufacturing costs 532,286.50 Add:Beginning work in process inventory 18,800 less:Ending work in process inventory 288,436.50 Cost of goods manufactured. 262,650.00 Income Statement Sales Revenue 509,000 Cost of good sold Beginning finished goods inventory 124,800 Add cost of goods manufactured 262,650.00 less:Ending finished goods inventory 64,180 Unadjusted cost of goods sold 323,270.00 less:Overapplied manufacturing overhead 142,086.50 Gross profit 181,183.50 Selling & administrative expense 86,050 Net income from operations 95,133.50

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