Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 $233,570. (b) Requisitioned materials at a cost of $11,400, of which $15,400 was for general factory use. (c) Recorded factory labor of $225,300, of which $43,175 was indirect. (d) Incurred other costs: Selling expense Factory utilitien Administrative expenses Factory rent Pactory depreciation $34,800 23,500 50,150 11,200 20,900 (e) Applied overhead at a rate equal to 140 percent of direct labor cost. m Completed jobs costing $262,550. (g) Sold jobs costing $323,970. (h) Recorded sales revenue of $516,000, Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the endof April. (Post each transaction (d) cost separately. 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 to 2 decimal places.) 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. (Round your answers to 2 decimal places.) 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 $233,570. (b) Requisitioned materials at a cost of $11,400, of which $15,400 was for general factory use. (c) Recorded factory labor of $225,300, of which $43,175 was indirect. (d) Incurred other costs: Selling expense Factory utilitien Administrative expenses Factory rent Pactory depreciation $34,800 23,500 50,150 11,200 20,900 (e) Applied overhead at a rate equal to 140 percent of direct labor cost. m Completed jobs costing $262,550. (g) Sold jobs costing $323,970. (h) Recorded sales revenue of $516,000, Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the endof April. (Post each transaction (d) cost separately. 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 to 2 decimal places.) 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. (Round your answers to 2 decimal places.)
Expert Answer:
Answer rating: 100% (QA)
Answer Solution Req 1 2 Raw Materials Inventory Work In process inventory BegBal 29400 111500 BegBa... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0077826482
3rd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
Students also viewed these accounting questions
-
Q: The power spectral density of a stochastic process X(t) is shown below. -fo Sxx(f) B -fo A where A=fo=10. Suppose X(t) is the input to an ideal bandpass filter having the frequency response...
-
The Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts ............ $...
-
The AutoDoctor Body Shop uses a job order cost system to determine the cost of performing automotive body and repair work. Estimated costs and expenses for the coming period are as follows: Auto...
-
In Problems, assume that the populations are normally distributed and that independent sampling occurred. (a) Test the hypothesis that 1 2 at the a = 0.1 level of significance for the given sample...
-
Explain how costs flow through the following cost formulas: FIFO versus average cost versus specific identification.
-
Darden Restaurants, owner of popular brands such as Olive Garden, Bahama Breeze, Seasons 52, and LongHorn Steakhouse, requires unique supply chains to serve hundreds of millions of meals annually....
-
Assume the following data obey the one-way analysis of variance model. (a) Decompose each observation \(y_{i j}\) as \[y_{i j}=\bar{y}+\left(\bar{y}_{i}-\bar{y} ight)+\left(y_{i j}-\bar{y}_{i}...
-
Presented below are the computed amounts of ratios for the Village of Riverside example appearing in the chapter. * Population and property values are disclosed in the statistical section of the...
-
By using a chart what are the positive and negative aspects of allowing employees to work remotely? When evaluating the positive and negative viewpoints, be sure to assess items such as: Employee...
-
Complete Tsate's Form 1040-SR, Schedules A, B and D, Form 8949, Form 6252 and Qualified Dividends and Capital Gain Tax Worksheet. Tsate Kongia (birthdate 02/14/1954) is an unmarried high school...
-
Examine the following image (GeeksforGeeks, n.d.): Solve the traveling salesman problem (TSP) based on the givenimage using dynamic programming. The TSP ensures that every node isvisited exactly once...
-
Explain how basis risk arises in hedging.
-
If a stock price follows geometric Brownian motion, what is the process followed by the logarithm of the stock price?
-
What is the purpose of margin accounts?
-
How is the valuation of an option using a binomial tree changed when the stock is assumed to provide a continuous dividend yield?
-
What is the Black-Scholes-Merton price of European call and put options on an asset providing no income?
-
Dingo Corp is planning to pay out an annual dividend of $7 in perpetuity starting 8 years from now. If the market requires a return of 5.2% compounded quarterly on this investment, how much would a...
-
The figure shows six containers, each of which is filled from the top. Assume that water is poured into the containers at a constant rate and each container is filled in 10 seconds. Assume also that...
-
Backpacks for Good manufactures and sells backpacks for educational and recreational uses. The company locates its manufacturing facilities in areas with high unemployment rates and provides on-site...
-
Why does decentralization create the need for responsibility accounting in an organization?
-
Refer to the information in PA8-1. March.......................275 April........................250 May.........................300 June.........................400 July..........................375...
-
What is the change in velocity of \((a)\) cart 1 (b) cart 2 in Figure 4.6? (c) What do you notice about your two answers? Figure 4.6 Velocity-versus-time graph for two identical carts before and...
-
(a) Are the accelerations of the motions shown in Figure 4.1 constant? (b) For which surface is the acceleration largest in magnitude? Figure 4.1 Velocity-versus-time graph for a wooden block sliding...
-
The \(x\) component of the final velocity of the standard cart in Figure 4.8 is positive. Can you make it negative by adjusting this cart's initial speed while still keeping the half cart initially...
Study smarter with the SolutionInn App