Raw Materials Inventory | |||||||
Bal | 28,900 | 110,800 | b) | ||||
(a) | 233,170 | ||||||
Bal. | 151,270 | ||||||
Work in process inventory | |||||||
Bal | 19,500 | 261,850 | f) | ||||
(b) | 95,600 | ||||||
(c ) | 180,825 | ||||||
(e ) | 262196.25 | ||||||
Bal | 296,271.25 | ||||||
Finished Goods inventory | |||||||
Bal | 124,300 | 323,370 | (g) | ||||
(f) | 261,850 | ||||||
Bal | 62,780 | ||||||
Manufacturing Overhead | |||||||
Beg bal | 0 | ||||||
(b) | 15,200 | 262196.25 | e) | ||||
( c) | 43,675 | ||||||
(d) | 22,800 | ||||||
(d) | 10,200 | ||||||
(d) | 19,700 | ||||||
End bal | 150621.25 | ||||||
Cost of goods sold | |||||||
Beg bal | 0 | ||||||
(g) | 323,370 | ||||||
Bal. | |||||||
Sales Revenue | |||||||
Beg.Bal | 0 | ||||||
512,000 | (h) | ||||||
end bal | 512,000 | ||||||
Selling and administrative expense | |||||||
Beg bal | 0 | ||||||
(d) | 35,100 | ||||||
(d) | 50,050 | ||||||
Bal. | 85,150 | ||||||
3-a) | |||||||
Manufacturing overhead | Overapplied | 150,621.25 | |||||
3-b) | Decrease | ||||||
Cost of goods manufactured report | |||||||
Beginning raw materials inventory | 28,900 | ||||||
Add:Raw materials purchases | 233,170 | ||||||
less:Indirect materials | 15,200 | ||||||
less:Ending raw materials inventory | 151,270 | ||||||
Direct materials used | 95,600 | ||||||
Direct labor | 180,825 | ||||||
Manufacturing overhead applied | 262196.25 | ||||||
Total current manufacturing costs | 538,621.25 | ||||||
Add:Beginning work in process inventory | 19,500 | ||||||
less:Ending work in process inventory | 296,271.25 | ||||||
Cost of goods manufactured. | 261,850.00 | ||||||
Income Statement | |||||||
Sales Revenue | 512,000 | ||||||
Cost of good sold | |||||||
Beginning finished goods inventory | 124,300 | ||||||
Add cost of goods manufactured | 261,850.00 | ||||||
less:Ending finished goods inventory | 62,780 | ||||||
Unadjusted cost of goods sold | 323,370.00 | ||||||
less:Overapplied manufacturing overhead | 150,621.25 | ||||||
Adjusted cost of goods sold | 172,748.75 | ||||||
Gross profit | 339,251.25 | ||||||
Selling & administrative expense | 85,150 | ||||||
Net income from operations | 254,101.25 | ||||||
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 $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 $233,270. (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 $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
$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 $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...