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(a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50, 750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.)

(a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50, 750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of 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 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.) Complete this question by entering your answers in the tabs below.
Transcribed Image Text:ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of 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 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.) Complete this question by entering your answers in the tabs below.
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