Raw Materials Inventory | |||||||
Bal | 29,400 | 111,600 | b) | ||||
(a) | 233,470 | ||||||
Bal. | 151,270 | ||||||
Work in process inventory | |||||||
Bal | 18,200 | 262,050 | f) | ||||
(b) | 96,100 | ||||||
(c ) | 181,925 | ||||||
(e ) | 238321.75 | ||||||
Bal | 272,496.75 | ||||||
Finished Goods inventory | |||||||
Bal | 123,900 | 323,370 | (g) | ||||
(f) | 262,050 | ||||||
Bal | 62,580 | ||||||
Manufacturing Overhead | |||||||
Beg bal | 0 | ||||||
(b) | 15,500 | 238321.75 | e) | ||||
( c) | 42,175 | ||||||
(d) | 23,400 | ||||||
(d) | 11,000 | ||||||
(d) | 19,100 | ||||||
End bal | 127146.75 | ||||||
Cost of goods sold | |||||||
Beg bal | 0 | ||||||
(g) | 323,370 | ||||||
Bal. | |||||||
Sales Revenue | |||||||
Beg.Bal | 0 | ||||||
506,000 | (h) | ||||||
end bal | 506,000 | ||||||
Selling and administrative expense | |||||||
Beg bal | 0 | ||||||
(d) | 35,900 | ||||||
(d) | 51,650 | ||||||
Bal. | 87,550 | ||||||
3-a) | |||||||
Manufacturing overhead | Overapplied | 127,146.75 | |||||
3-b) | Decrease | ||||||
Cost of goods manufactured report | |||||||
Beginning raw materials inventory | 29,400 | ||||||
Add:Raw materials purchases | 233,470 | ||||||
less:Indirect materials | 15,500 | ||||||
less:Ending raw materials inventory | 151,270 | ||||||
Direct materials used | 96,100 | ||||||
Direct labor | 181,925 | ||||||
Manufacturing overhead applied | 238321.75 | ||||||
Total current manufacturing costs | 516,346.75 | ||||||
Add:Beginning work in process inventory | 18,200 | ||||||
less:Ending work in process inventory | 272,496.75 | ||||||
Cost of goods manufactured. | 262,050.00 | ||||||
Income Statement | |||||||
Sales Revenue | 506,000 | ||||||
Cost of good sold | |||||||
Beginning finished goods inventory | 123,900 | ||||||
Add cost of goods manufactured | 262,050.00 | ||||||
less:Ending finished goods inventory | 62,580 | ||||||
Unadjusted cost of goods sold | 323,370.00 | ||||||
less:Overapplied manufacturing overhead | 127,146.75 | ||||||
Adjusted cost of goods sold | 196,223.25 | ||||||
Gross profit | 309,776.75 | ||||||
Selling & administrative expense | 87,550 | ||||||
Net income from operations | 222,226.75 | ||||||
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 $232,970. (b) Requisitioned materials at a cost of $112,300, of which $16,000 was for general factory use. (c) Recorded factory labor of $224,900, of which $43,375 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,600 23,700...
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 $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 $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 $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 $233,270. (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 $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 Aprhe 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 $231,970 (b) Requisitioned materials at a cost of $110,500, of which $15,100 was for general factory use. (c) Recorded factory labor of $223,800, of which $42,475 was indirect (d) Incurred other costs $34,700 24,000 51,650 11,400 19,300 Factory rert Factory depreciation (e) Applied overhead at a...