Lamonda Corp uses a job order cost system On April 1 the acc

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 $111,700, of which 15,700 was for general factory use. (c) Recorded factory labor of $223,900, of which $42,475 was indirect. (d) Incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,800 24,100 50,850 11,100 20,900 (e) Applied overhead at a rate equal to 130 percent of direct labor cost. ( Completed jobs costing $263,650. (g) Sold jobs costing $323,770. (h) Recorded sales revenue of 5507,000. Required 1. & 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.) Raw Materials Inventory Work in Process Inventory Beg. Bal. 29,800.00 0.00 Beg. Bal. 18,200.00 0.00 233,470.00 111,700.00 (b) End. Bal. 151,370.00 End. Bal. 18,200.00 Finished Goods Inventory Manufacturing Overhead Beg. Bal. 0.00 15,700.00 42,475.00 124,000.00 0.00 Beg. Bal 0.00 283,650.00 End. Bal 387,650.00 End. Bal. 58,175.00 Cost of Goods Sold Sales Revenue Beg. Bal. 0.00 0.00 Beg. Bal. 0.00 0.00 323,770.00 507,000.00 (h) End. Bal 323,770.00 End. Bal 507,000.00 Selling and Administrative Expenses Beg. Bal. 50,850.00 End. Bal. 50,850.00

Solution

Raw Materials Inventory Bal 29,600 111,700 b) (a) 233,470 Bal. 151,370 Work in process inventory Bal 18,200 263,650 f) (b) 96,000 (c ) 181,425 (e ) 235852.50 Bal 267,827.50 Finished Goods inventory Bal 124,000 323,770 (g) (f) 263,650 Bal 63,880 Manufacturing Overhead Beg bal (b) 15,700 235852.50 e) ( c) 42,475 (d) 24,100 (d) 11,100 (d) 20,900 Cost of goods sold (g) 323,770 Bal. Sales Revenue 507,000 (h) 507,000 Bal Selling and administrative expense (d) 35,600 (d) 50,850 Bal. 86,450 3-a) Manufacturing overhead Overapplied 121,577.50 3-b) Decrease Cost of goods manufactured report Beginning raw materials inventory 29,600 Add:Raw materials purchases 233,470 less:Indirect materials 15,700 less:Ending raw materials inventory 151,370 Direct materials used 96,000 Direct labor 181,425 Manufacturing overhead applied 235852.50 Total current manufacturing costs 513,277.50 Add:Beginning work in process inventory 18,200 less:Ending work in process inventory 267,827.50 Cost of goods manufactured. 263,650.00 Income Statement Sales Revenue 507,000 Cost of good sold Beginning finished goods inventory 124,000 Add cost of goods manufactured 263,650.00 less:Ending finished goods inventory 63,880 Unadjusted cost of goods sold 323,770.00 less:Overapplied manufacturing overhead 121,577.50 Adjusted cost of goods sold 202,192.50 Gross profit 304,807.5 Selling & administrative expense 86,450 Net income from operations 218,357.50