Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances: Raw Materials Inventory $ 25,000 Work in Process Inventory 55,000 Finished Goods Inventory 60,000 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: (Hint: Use Miscellaneous Accounts for the total of all costs incurred). Selling expense $ 44,000 Factory utilities 26,000 Administrative expenses 15,000 Factory rent 30,000 Factory depreciation 24,000 (e) Applied overhead at a rate equal to 135 percent of direct labor cost. (f) Completed jobs costing $375,000. (g) Sold jobs costing $402,000. (h) Recorded sales revenue of $500,000.

To record purchase of Material

Dr.Raw Material Inventory$136,000  

Cr.Account Payable         $136,000  

To record Work in process Inventory  

Dr.Work in process Inventory$94,000  

Dr.Manufacturing Overhead$28,000  

Cr.Raw Material Inventory         $122,000  

To record wages payable

Dr.Work in process Inventory$131,000  

Dr.Manufacturing Overhead$24,000  

Cr.Wages Payable                 $155,000  

To record the cost

Dr.Selling and distribution Expenses$59,000  

Dr.Manufacturing Overhead                 $80,000  

Cr.Miscellaneous Expenses                 $139,000  

To record manufacturing overhead

Dr.Work in process Inventory$176,850  

Cr.Manufacturing Overhead$176,850  

To record Finished goods inventory

Dr.Finished goods inventory$375,000  

Cr.Work in process Inventory$375,000  

To record cost of goods Sold

Dr.Cost of Goods Sold         $402,000  

Cr.Finished goods inventory$402,000  

To record Sales revenue

Dr.Accounts Receivables$500,000  

Cr.Sales                         $500,000  

Explanation:

All the entries are recorded as per their events.

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