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Question: lamonda corp uses a job order cost system on april...

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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 $232,770.
(b) Requisitioned materials at a cost of $112,000, of which $15,200 was for general factory use.
(c) Recorded factory labor of $224,000, of which $42,575 was indirect.
(d) Incurred other costs:

Selling expense $ 34,200
Factory utilities 22,800
Administrative expenses 50,050
Factory rent 11,200
Factory depreciation 19,500


(e) Applied overhead at a rate equal to 126 percent of direct labor cost.
(f) Completed jobs costing $262,650.
(g) Sold jobs costing $323,670.
(h) Recorded sales revenue of $517,000.

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 Inventory Work in Process Inventory 19,700.00 96.800.00г 181,425.00 228,596.00 Beg. Bal 28,900.00 Beg. Bal 232,770.00 112,000.00 (b) 262.650.00(f) End. Bal 149,670.00 End. Bal 263,871.00 Finished Goods Inventory Manufacturing Overhead Beg. Bal 124,700.00 Beg. Bal 262,650.00 323,670.00 (g) 5200.00 228,596.00 (e) 42,575.00 22,800.00 11,200.00 19,500.00 End. Bal 63,680.00 End. Bal 117.321.00 Cost of Goods Sold Sales Revenue Beg. Bal Beg. Bal 323,670.00 517,000.00 (h) End. Bal 323,670.00 End. Bal 517,000.00 Selling and Administrative Expenses Beg. Bal 34,200.00 50,050.00 84,250.00 End. Bal

3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) Manufacturing Overhead 117,432.00 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? Increase Decrease 4. Prepare Lamondas cost of goods manufactured report for April. (Round your answers to 2 decimal places.) LAMONDA CORP Cost of Goods Manufactured Report For the Month of April $28,900.00 232,770.00 15,200.00 149,670.00 $96,800.00 181,425.00 228,596.00 eginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Materials Less: Ending Raw Materials Inventory Direct Materials Used irect Labor anufacturing Overhead Applied Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured 506,821.00 19,700.00 263,871.00 262,650.00

5. Prepare Lamondas April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. (Round your answers to 2 decimal places.) LAMONDA CORP Income Statement For the Month of April Sales Revenue S 517,000.00 Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Less: Overapplied Manufacturing Overhead 124.700.00 262.650.00 5 63,680.00 117.321.00 S 206,350.00 S 310,651.00 S 84,250.00 S 226,401.00 Adjusted Cost of Goods Sold oss Profit elling and Administrative Expenses Net Income (Loss) from Operations

Is it right? or something wrong?

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