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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 rate equal to 141 percent of direct labor cost 0 Completed jobs costing $262,050 (g) Sold jobs costing $324,670 (h) Recorded sales revenue of $518,000
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Beg Bal End Bal 0.00 3-a. Compute over- or underappied manufacturing overhead. (Round your answer to 2 decimal places) 3-b. It the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold, will Cost of Goods Sold increase or decrease? 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 Direct Materials Used Total Current Manufacturing Costs $0.00 Cost of Goods Manufactured
5. Prepare decimal places.) Lamondas April Income statement, Include any adjustmen t to Cost of Goods Sold needed to dispose of over or underapplied manufacturing overhead. (Round your answers to 2 Income Statement For the Month of Cost of
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1.82 Raw materials Invent 29,800.00 work in process 231,970.00 Bal 110,500.00 Accounts payable* bal 151,270.00 261,770.00 261,770.00 Work in process invento Bal Raw materials inventory Direct labor (223800-42475) Manufacturing overhead* 20,000.00 95,400.00 Finished goods inventory 181,325.00 255,668.25 262,050.00 bal 290,343.25 552,393.25 552,393.25 Finished goods invento 124,700.00 Bal Cost of goods sold 324,670.00 Work in process inventory 262,050.00 bal. 62,080.00 386,750.00 386,750.00 Manufacturing overhead Raw material inventory Indirect labor Factory utilities Factory rent Factory depreciation 15,100.00 42,475.00 24,000.00 Work in process invento 11,400.00 19,300.00 255,668.25 bal 143,393.25 255,668.25 255,668.25 Cost of goods sold Finished goods inventory 262,050.00 bal 262,050.00 262,050.00 262,050.00 Sales revenue Accounts receivable 518,000.00 bal S18,000.00 518,000.00 518,000.00 Selling and administrative expenses Selling expenses Administrative expenses 34,700.00 51,650.00 bal 86,350.00 86,350.00 86,350.003-a ACTUAL COST APPLIED COST 112,275.00 (actual cost 15100+42475+24000+11400+19300) 255,668.25 (Manufacturing overhead**) Over appied overhead 143,393.25 (Refer Above Manufacturing overhead account) 3.b Decrease Since manufacturing overhead is over applied, if the balance is transferred to cost of goods sold Account the cost of goods sold will decreases. 4 LAMONDA CORP Cost of goods manufactured Report For the month of april Beginning raw material invento Add: Raw material purchases Less: Indirect material Less: Ending raw material invento Direct materials used Direct labor Manufacturing overhead applied 29,800.00 231,970.00 15,100.00 151,270.00 95,400.00 181,325.00 255,668.25 Total current manufacturing cost Add: beginning work in process inventory 20,000.00 Less: Ending work in process inventory 532,393.25 290,343.25 Cost of goods manufactured 262,050.00LAMONDA CORP Income statement For the month of april Sales Revenue Cost of goods sold: beginning finished goods inventory Add: cost of goods manufactured Less: Ending finished goods inventory Un adjusted cost of goods sold Less: Over applied manufacturing overheads143,393.25 518,000.00 124,700.00 262,050.00 62,080.00 324,670.00 181,276.75 336,723.25 Gross profit Selling and administrative expenses 86,350.00 Net Income From Operation 250,373.25 Notes: *Accounts payable Consider all purchases as credit purchases Manufacturing overhead Direct labor X 141% -181325 X 141% - 255668.25 Accounts Receivable Consider all sales as credit sales

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