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 | 10,300 | |
| Factory depreciation | 20,000 | |
(e) Applied overhead at a rate equal to 140 percent of
direct labor cost.
(f) Completed jobs costing $262,750.
(g) Sold jobs costing $322,870.
(h) Recorded sales revenue of $508,000.
Homework Answers
| Lamonda Corp. | |||
| T-Accounts | |||
| Raw material Inventory | |||
| Beginning Balance | $ 29,800.00 | Requisition material | $ 1,10,500.00 |
| Purchases | $ 2,32,070.00 | Balance C/d | $ 1,51,370.00 |
| Total | $ 2,61,870.00 | Total | $ 2,61,870.00 |
| Work In Process Inventory | |||
| Beginning Balance | $ 18,500.00 | Finished Goods | $ 2,62,750.00 |
| Raw Material Inventory | $ 95,000.00 | Balance C/d | $ 2,87,850.00 |
| Direct Labor | $ 1,82,125.00 | ||
| Applied Overhead($182125*140%) | $ 2,54,975.00 | ||
| Total | $ 5,50,600.00 | Total | $ 5,50,600.00 |
| Finished Goods Inventory | |||
| Beginning Balance | $ 1,24,600.00 | Cost of goods sold | $ 3,22,870.00 |
| Work in Process | $ 2,62,750.00 | Balance C/d | $ 64,480.00 |
| Total | $ 3,87,350.00 | Total | $ 3,87,350.00 |
| Manufacturing Overhead | |||
| Indirect Material | $ 15,500.00 | Work in Process | $ 2,54,975.00 |
| Indirect Labor | $ 42,975.00 | ||
| Factory Utiliites | $ 24,400.00 | ||
| Factory Rent | $ 10,300.00 | ||
| Factory Depreciation | $ 20,000.00 | ||
| Balance | $ 1,41,700.00 | ||
| Total | $ 2,54,875.00 | Total | $ 2,54,975.00 |
| Cost of goods sold | |||
| Cost of goods sold | $ 3,22,870.00 | By Balance C/d | $ 3,22,870.00 |
| Total | $ 3,22,870.00 | Total | $ 3,22,870.00 |
| Sales Revenue | |||
| To Balance | $ 5,08,000.00 | By Sales | $ 5,08,000.00 |
| Total | $ 5,08,000.00 | Total | $ 5,08,000.00 |
| Non Manufacturing Expense | |||
| Selling Expense | $ 35,300.00 | Balance | $ 85,550.00 |
| Administrative Expense | $ 50,250.00 | ||
| Total | $ 85,550.00 | Total | $ 85,550.00 |
| Manufacturing Overhead over applied($254975-$15500-$42975-$24400-$10300-$20000) | $ 1,41,700.00 | ||
| Lamonda Corp. | |||
| Cost of goods Manufactured Report | |||
| For the Month of April | |||
| Beginning Raw Material Inventory | $ 29,800.00 | ||
| Raw Material Purchases | $ 2,32,070.00 | ||
| Less: Ending Raw Material | $ -1,51,370.00 | ||
| Less: Indirect Material | $ -15,500.00 | ||
| Direct Material Used=(A) | $ 95,000.00 | ||
| Direct Labor=(B) | $ 1,82,125.00 | ||
| Manufacturing Overhead Applied=(C ) | $ 2,54,975.00 | ||
| Total Current Manufacturing cost=(D )=(A)+(B)+(C ) | $ 5,32,100.00 | ||
| Add: Beginning Work in Process=(E ) | $ 18,500.00 | ||
| Less: Ending Work in Process=(F) | $ -2,87,850.00 | ||
| Cost of goods Manufactured=(D)+(E )-(F) | $ 2,62,750.00 | ||
| Lamonda Corp. | |||
| Income Statement | |||
| For the Month of April | |||
| Sales Revenue=(A) | $ 5,08,000.00 | ||
| Cost of goods sold | |||
| Beginning Finished goods inventory | $ 1,24,600.00 | ||
| Add: Cost of goods manufactured | $ 2,62,750.00 | ||
| Less: Ending Finished goods inventory | $ -64,480.00 | ||
| Unadjusted cost of goods sold | $ 3,22,870.00 | ||
| Less: Overapplied Manufacturing Overhead | $ -1,41,700.00 | ||
| Total cost of good sold=(B) | $ 1,81,170.00 | ||
| Gross Profit=(C )=(A)-(B) | $ 3,26,830.00 | ||
| Less: Selling and Administrative Expenses=(D) | $ -85,550.00 | ||
| Net Income from Operation=(C )-(D) | $ 2,41,280.00 | ||
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 $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 $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 $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 $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 $233,170. (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 $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 $233,270. (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 $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 $232,170.
(b) Requisitioned materials at a cost of $112,000, of which $15,600
was for general factory use.
(c) Recorded factory labor of $224,400, of which $43,075 was
indirect.
(d) Incurred other costs:
Selling expense$35,400
Factory utilities 23,200
Administrative expenses 51,150
Factory rent 11,400...
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 $232,770. (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 $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 $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 $233,170. (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 $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 $233,270. (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 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 $232,170.
(b) Requisitioned materials at a cost of $112,000, of which $15,600
was for general factory use.
(c) Recorded factory labor of $224,400, of which $43,075 was
indirect.
(d) Incurred other costs:
Selling expense$35,400
Factory utilities 23,200
Administrative expenses 51,150
Factory rent 11,400...
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