Question
In: Accounting
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 $111,300, of which $15,000 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense $ 34,700 Factory utilities 24,000 Administrative expenses 51,350 Factory rent 10,600 Factory depreciation 20,700 (e) Applied overhead at a rate equal to 136 percent of direct labor cost. (f) Completed jobs costing $262,950. (g) Sold jobs costing $322,870. (h) Recorded sales revenue of $518,000. 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? Increase 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.)
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Solutions
ekkarill92 answered 2 years agoRelated Solutions
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 $112,100, of
which $16,800 was for general factory use.
(c) Recorded factory labor of $224,900, of which $43,075
was indirect.
(d) Incurred other costs:
Selling expense
$
35,700
Factory utilities
23,300
Administrative expenses
51,750
Factory rent...
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
$231,770.
(b) Requisitioned materials at a cost of $111,600, of
which $16,800 was for general factory use.
(c) Recorded factory labor of $224,200, of which $42,575
was indirect.
(d) Incurred other costs:
Selling expense
$
35,200
Factory utilities
23,900
Administrative expenses
51,050
Factory rent...
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 $232,070. (b) Requisitioned
materials at a cost of $110,800, of which $15,600 was for general
factory use. (c) Recorded factory labor of $225,100, of which
$43,475 was indirect. (d) Incurred other costs: Selling expense $
34,500 Factory utilities 23,400 Administrative expenses 50,850
Factory rent...
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
$
44,000
Factory utilities
26,000
Administrative expenses
15,000
Factory rent...
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 $112,200, of
which $16,000 was for general factory use.
(c) Recorded factory labor of $223,700, of which $42,075
was indirect.
(d) Incurred other costs:
Selling expense
$
35,600
Factory utilities
24,400
Administrative expenses
51,050
Factory rent...
Alameda Products uses a job-order costing system. The company’s inventory balances on April 1, the start...
Alameda Products uses a job-order costing system. The company’s
inventory balances on April 1, the start of it’s fiscal year, were
as follows:
Raw Materials: $37,000
Work-in-Progress:$70,000
Finished Goods:$58,000
Manufacturing Overhead:$0
During the year the following occurred:
1.Raw materials purchased on account: $191,0002.
Raw materials issued from the storeroom for use in production:
$120,000
(80% direct materials and 20% indirect materials).
3.Employee salaries and wages paid in cash were as follows:
Direct Labor-$180,000; Indirect Labor: $66,000;
Selling, General and Administrative...
Darden Manufacturing uses a job order cost accounting system. On April 1, the company has Work...
Darden Manufacturing uses a job order cost accounting system. On
April 1, the company has Work in Process Inventory of $7,600 and
two jobs in process: Job No. 221, $3,600, and Job No. 222, $4,000.
During April, a summary of source documents reveals the following:
For Materials Requisition Slips Labor Time Tickets Job. No. 221
$2,200 $3,600 222 1,700 3,200 223 2,400 2,900 224 2,100 2,800
General use 600 400 Totals $9,000 $12,900 Darden applies
manufacturing overhead to jobs at...
1) Enos Printing Corp. uses a job order cost system. The following data summarize the operations...
1) Enos Printing Corp. uses a job order cost system. The
following data summarize the operations related to the first
quarter's production.
1. Materials purchased on account $197,600, and factory wages
incurred $92500.
2) Materials requisitioned and factory labor used by job:
Job Number Materials Factory Labor
A20 $37,940 $18,100
A21 44,220 24,100
A22 37,200 16,300
A23 41,470 26,600
General factory use 5,270 7,400
= $166,100 $92,500
3. Manufacturing overhead costs incurred on account $50,500.
4. Depreciation of factory equipment...
Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost...
Entries for Costs in a Job Order Cost System
Velasco Co. uses a job order cost system. The following data
summarize the operations related to production for July:
Materials purchased on account, $695,900
Materials requisitioned, $584,560, of which $75,990 was for
general factory use
Factory labor used, $716,780, of which $136,190 was
indirect
Other costs incurred on account for factory overhead, $167,020;
selling expenses, $257,480; and administrative expenses,
$153,100
Prepaid expenses expired for factory overhead, $32,010; for
selling expenses, $27,140;...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost...
Entries for Costs in a Job Order Cost System
Munson Co. uses a job order cost system. The following data
summarize the operations related to production for July:
Materials purchased on account, $732,780
Materials requisitioned, $615,540, of which $80,020 was for
general factory use
Factory labor used, $754,760, of which $143,400 was
indirect
Other costs incurred on account for factory overhead, $175,870;
selling expenses, $271,130; and administrative expenses,
$161,210
Prepaid expenses expired for factory overhead, $33,710; for
selling expenses, $28,580;...
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