Question: UPDATED I HAVE FIGURED OUT THE ANSWER, THERE WAS NO BEGINNING BALANCES, THIS WAS THE ONLY INFORMATION PROVIDED THANK YOU ALL ANYWAY Lamonda Corp. uses
UPDATED I HAVE FIGURED OUT THE ANSWER, THERE WAS NO BEGINNING BALANCES, THIS WAS THE ONLY INFORMATION PROVIDED THANK YOU ALL ANYWAY
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 $232,370. (b) Requisitioned materials at a cost of $111,300, of which $15,300 was for general factory use. (c) Recorded factory labor of $224,700, of which $43,375 was indirect. (d) Incurred other costs:
| Selling expense | $ | 35,100 |
| Factory utilities | 23,100 | |
| Administrative expenses | 50,850 | |
| Factory rent | 11,800 | |
| Factory depreciation | 21,000 | |
(e) Applied overhead at a rate equal to 128 percent of direct labor cost. (f) Completed jobs costing $263,150. (g) Sold jobs costing $324,670. (h) Recorded sales revenue of $505,000. 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.) 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 Lamondas cost of goods manufactured report for April. (Round your answers to 2 decimal places.) 5. Prepare Lamondas 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.)
this is all the information provided.
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