Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balance.

Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balance.

 

Raw materials inventory	$	28,800
Work in process inventory		18,200
Finished goods inventory		123,200

 

The following transactions occurred during April.

 

(a)	Purchased materials on account, $233,270.
(b)	Requisitioned materials, $111,400, of which $15,500 was for general factory use.
(c)	Recorded factory labor of $224,000, of which $42,675 was indirect.
(d)	Incurred other costs:

 

Selling expense	$	35,900
Factory utilities		24,700
Administrative expenses		51,450
Factory rent		11,100
Factory depreciation		19,300

 

(e)	Applied overhead during the month totaling $134,860.
(f)	Completed jobs costing $261,950.
(g)	Sold jobs costing $323,070.
(h)	Recorded sales revenue of $517,000.

Requirements 1 & 2:

Post the April transaction to the T-accounts and compute the balance in the accounts at the end of April. (Record the transactions in the given order. Omit the "$" sign in your response.)

 

Raw Materials Inventory

Bal.	28,800		(b)
(a)
Bal.

 

Work in Process Inventory

Bal.	18,200		(f)
(b)
(c)
(e)
Bal.

 

Finished Goods Inventory

Bal.	123,200		(g)
(f)
Bal.

 

Manufacturing Overhead

(b)			(e)
(c)
(d)
(d)
(d)

 

Cost of Goods Sold

(g)
Bal.

 

Sales Revenue

			(h)
			Bal.

 

Non-Manufacturing Expenses

(d)
(d)
Bal.

 

Requirement 3:

Compute over- or underapplied manufacturing overhead. (Input the amount as positive value. Omit the "$" sign in your response.)

 

Manufacturing overhead

overapplied $

 

Requirement 4:

Prepare Lamonda's cost of goods manufactured report for April. (Input all amounts as positive values.Omit the "$" sign in your response.)

 

Lamonda Company Cost of Goods Manufactured Report For the Month of April
Beginning raw materials inventory	$
Add: Raw material purchases
Less: Indirect materials
Less: Ending raw materials inventory
Direct materials used
Direct labor
Manufacturing overhead applied
Total current manufacturing costs
Add: Beginning work in process inventory
Less: Ending work in process inventory
Cost of goods manufactured	$

 

Requirement 5:

Prepare Lamonda’s April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead. (Input all amounts as positive values. Omit the "$" sign in your response.)

 

Lamonda Company 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
Unadjusted cost of goods sold
Less: Overerapplied manufacturing overhead
Gross profit
Selling and administrative expenses
Net income from operations		$