Homework Answers
1 & 2.
| Raw material inventory | |||
| Beg. Bal. | $28,300 | ||
| a | $231,970 | b | $111,800 |
| End. Bal. | $148,470 | ||
| Work in process inventory | |||
| Beg. Bal. | $18,800 | f | $262,550 |
| b ($111,800-$15400) | $96,400 | ||
| c ($224,400-41875) | $182,525 | ||
| e ($182,525 × 141%) | $257,360 | ||
| End. Bal. | $292,535 | ||
| Finished goods inventory | |||
| Beg. Bal. | $123,300 | ||
| f | $262,550 | g | $322,970 |
| End. Bal. | $62,880 | ||
| Manufacturing overhead | |||
| Beg. Bal. | - | ||
| b | $15,400 | e | $257,360 |
| c | $41,875 | ||
| d (factory utilities) | $24,200 | ||
| d (factory rent) | $11,600 | ||
| d (factory deprn.) | $20,300 | ||
| End. Bal. | $143,985 | ||
| Cost of goods sold | |||
| Beg. Bal. | - | ||
| g | $322,970 | ||
| End. Bal. | $322,970 | ||
| Selling and administrative expense | |||
| Beg. Bal. | - | ||
| d (selling expense) | $35,200 | ||
| d (Admin. Expn.) | $50,550 | ||
| End. Bal. | $85,750 | ||
| Sales revenue | |||
| Beg. Bal. | - | ||
| h | $502,000 | ||
| End. Bal. | $502,000 | ||
__________________________________________________________
3.
a) Manufacturing Overhead: Overapplied $143,985
b) Decrease
_______________________________________________________________
4.
| LAMONDA CORP. | |
| Cost of goods manufactured report | |
| For the Month of april | |
| Beginning raw material inventory | $28,300 |
| Add: Raw material purchase | $231,970 |
| Less: Indirect material | ($15,400) |
| Less: Ending raw materials inventory | ($148,470) |
| Direct material used | $96,400 |
| Direct Labor | $182,525 |
| Manufacturing overhead applied | $257,360 |
| Total Current Manufacturing Costs | $536,285 |
| Add: beginning work in process inventory | $18,800 |
| Less: Ending work in process inventory | ($292,535) |
| Cost of goods manufactured | $262,550 |
____________________________________________________________
Prepare Income statement as follows:
| LAMONDA CORP. | ||
| Income Statement | ||
| For the Month of april | ||
| Sales revenue | $502,000 | |
| Less: COGS | ||
| Beginning finished goods inventory | $123,300 | |
| Add: Cost of goods manuafctured | $262,550 | |
| Less: Ending finished goods inventory | ($62,880) | |
| Unadjusted COGS | $322,970 | |
| Less: Overapplied manufacturing overhead | ($143,928) | $179,042 |
| Gross profit | $322,958 | |
| Selling and admin | ($85,750) | |
| Net Income from operations | $237,208 | |
Add Answer to:
PA2-1 Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement...
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 $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...
CHAPTER 2 GROUP A PROBLEMS a Connect PA24 Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost...
CHAPTER 2 GROUP A PROBLEMS a Connect PA24 Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances. LO 2-3 Raw Materials Inventory Work in Process Inventory Finished Goods Inventary Bal. 25.000 Bal. 55.000 Bal. 60.000 Manufacturing Overhead Cost of Goods Sold Sales Revenue Nonmanufacturing Expenses The following transactions occurred during April: a. Purchased materials on account at...
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
$232,070.
(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...
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...
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,...
1. and 2. Post the April transactions to the T-accounts and compute the balance in the...
1. and 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.)
3-a. Compute over- or underapplied
manufacturing overhead. (Round your answer to 2 decimal
places.)
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?
4. Prepare Lamonda’s cost of goods manufactured
report for April. (Round your answers...
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 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 $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...
CHAPTER 2 GROUP A PROBLEMS a Connect PA24 Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances. LO 2-3 Raw Materials Inventory Work in Process Inventory Finished Goods Inventary Bal. 25.000 Bal. 55.000 Bal. 60.000 Manufacturing Overhead Cost of Goods Sold Sales Revenue Nonmanufacturing Expenses The following transactions occurred during April: a. Purchased materials on account at...
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
$232,070.
(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 $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,...
1. and 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.)
3-a. Compute over- or underapplied
manufacturing overhead. (Round your answer to 2 decimal
places.)
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?
4. Prepare Lamonda’s cost of goods manufactured
report for April. (Round your answers...
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,...
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