Homework Answers
Part 1 & 2
|
Raw materials inventory |
|||
|
Bal. |
29700 |
b. |
112300 |
|
a. |
232970 |
||
|
Bal. |
150370 |
|
Work in process inventory |
|||
|
Bal. |
19900 |
f. |
262750 |
|
b. |
96300 |
||
|
c. |
181525 |
||
|
e. |
250504.50 |
||
|
Bal. |
285479.50 |
112300-16000= 96300
224900-43375 =181525
181525*138%= 250504.50
|
Finished goods inventory |
|||
|
Bal. |
123700 |
g. |
324270 |
|
f. |
262750 |
||
|
Bal. |
62180 |
|
Manufacturing overhead |
|||
|
b. |
16000 |
e. |
250504.50 |
|
c. |
43375 |
||
|
d. |
23700 |
||
|
d. |
10500 |
||
|
d. |
19200 |
||
|
137729.50 |
Overapplied |
||
|
Cost of goods sold |
|||
|
g. |
324270 |
||
|
Bal. |
324270 |
|
Sales revenue |
|||
|
h. |
518000 |
||
|
Bal. |
518000 |
|
Non-manufacturing expenses |
|||
|
d. |
35600 |
||
|
d. |
50350 |
||
|
Bal. |
85950 |
Part 3 A
Overapplied overhead = applied overhead – actual overhead = 250504.50-(16000+43375+23700+10500+19200) = $137729.50
Part 3 B
Decrease
Due to overapplied overhead there is decrease in cost of goods sold
Part 4
|
Lamonda Corp. Cost of goods manufactured report For the month of April |
|
|
Beginning raw materials inventory |
29700 |
|
Plus: raw materials purchase |
232970 |
|
Less: indirect materials |
16000 |
|
Less: ending raw materials inventory |
150370 |
|
Direct materials used |
96300 |
|
Direct labor |
181525 |
|
Manufacturing overhead applied |
250504.50 |
|
Total current manufacturing costs |
528329.50 |
|
Plus: beginning work in process inventory |
19900 |
|
Less: ending work in process inventory |
285480 |
|
Cost of goods manufactured |
262749.50 |
Part 5
|
Lamonda Corp. Income statement For the month of April |
||
|
Sales revenue |
518000 |
|
|
Cost of goods sold |
||
|
Beginning finished goods inventory |
123700 |
|
|
Plus: cost of goods manufactured |
262749.50 |
|
|
Less: ending finished goods inventory |
62180 |
|
|
Unadjusted cost of goods sold |
324269.50 |
|
|
Less: overapplied manufacturing overhead |
137729.50 |
186540 |
|
Gross profit |
331460 |
|
|
Selling and administrative expenses |
85950 |
|
|
Net income from operations |
$245510 |
Add Answer to:
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $110,800, of which $15,200 was for general factory use. (c) Recorded factory labor of $224,500, of which $43,675 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $233,270. (b) Requisitioned materials at a cost of $111,100, of which $16,500 was for general factory use. (c) Recorded factory labor of $224,500, of which $43,375 was indirect. (d) Incurred other costs: Selling expense $34,700 Factory 24,500 utilities Administrative 51,250 expenses Factory rent 11,000...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $232,470. (b) Requisitioned materials at a cost of $111,900, of which $15,600 was for general factory use. (c) Recorded factory labor of $224,800, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,800 24,...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $233,470. (b) Requisitioned materials at a cost of $111,600, of which $15,500 was for general factory use. (c) Recorded factory labor of $224,100, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,900...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $233,27O. (b) Requisitioned materials at a cost of $111,100, of which $16,500 was for general factory use. (C) Recorded factory labor of $224,500, of which $43,375 was indirect. (d) Incurred other costs: Selling expense $34,700 Factory utilities 24,500 Administrative 51,250 expenses Factory rent Factory...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $111,900, of which $16,200 was for general factory use. (c) Recorded factory labor of $224, 100, of which $42,275 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $111,600, of which $15,400 was for general factory use (c) Recorded factory labor of $224,900, of which $41,875 was indirect. (d) Incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation S34,500 22,900...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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 $231770. (b) Requisitioned materials at a cost of $111,600, of which $16,100 was for general factory use. (c) Recorded factory labor of $224,000, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,600 23,600...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
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
$232,070.
(b) Requisitioned materials at a cost of $110,500, of
which $15,500 was for general factory use.
(c) Recorded factory labor of $225,100, of which $42,975
was indirect.
(d) Incurred other costs:
Selling expense
$
35,300
Factory utilities
24,400
Administrative expenses
50,250
Factory rent...
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 $110,800, of which $15,200 was for general factory use. (c) Recorded factory labor of $224,500, of which $43,675 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,...
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 $233,270. (b) Requisitioned materials at a cost of $111,100, of which $16,500 was for general factory use. (c) Recorded factory labor of $224,500, of which $43,375 was indirect. (d) Incurred other costs: Selling expense $34,700 Factory 24,500 utilities Administrative 51,250 expenses Factory rent 11,000...
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 $136,000. (b) Requisitioned materials at a cost of $122,000, of which $28,000 was for general factory use. (c) Recorded factory labor of $155,000, of which $24,000 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 44,000...
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 $232,470. (b) Requisitioned materials at a cost of $111,900, of which $15,600 was for general factory use. (c) Recorded factory labor of $224,800, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,800 24,...
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 $233,470. (b) Requisitioned materials at a cost of $111,600, of which $15,500 was for general factory use. (c) Recorded factory labor of $224,100, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $ 35,900...
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 $233,27O. (b) Requisitioned materials at a cost of $111,100, of which $16,500 was for general factory use. (C) Recorded factory labor of $224,500, of which $43,375 was indirect. (d) Incurred other costs: Selling expense $34,700 Factory utilities 24,500 Administrative 51,250 expenses Factory rent Factory...
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 $111,900, of which $16,200 was for general factory use. (c) Recorded factory labor of $224, 100, of which $42,275 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation...
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 $111,600, of which $15,400 was for general factory use (c) Recorded factory labor of $224,900, of which $41,875 was indirect. (d) Incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation S34,500 22,900...
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 $231770. (b) Requisitioned materials at a cost of $111,600, of which $16,100 was for general factory use. (c) Recorded factory labor of $224,000, of which $42,175 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,600 23,600...
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
$232,070.
(b) Requisitioned materials at a cost of $110,500, of
which $15,500 was for general factory use.
(c) Recorded factory labor of $225,100, of which $42,975
was indirect.
(d) Incurred other costs:
Selling expense
$
35,300
Factory utilities
24,400
Administrative expenses
50,250
Factory rent...
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