Injection Molding Services uses a job-order costing system. The account balances at the Beg and End of the period for the product cost-related accounts are as follows: Beg Raw Materials Inventory Beg Work in Process Inventory Beg Finished Goods Inventory 180,000 320,000 100,000 End Raw Materials Inventory End Work in Process Inventory End Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead (credit) $200,000 400,000 600,000 800,000 90,000 Required Prepare journal entries for a job order systems. Raw Materials purchased during the year were $500,000. Direct labor incurred amounts to $600,000. Hint: Make T-Accounts to help determine what journal entries need to be made and determine missing dollar amount
3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.)
Manufacturing Overhead
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? a.Decrease
b.Increase
4. Prepare Lamondaâs cost of goods manufactured report for April. (Round your answers to 2 decimal places.)
LAMONDA CORP.
Cost of Goods Manufactured Report
For the Month of April
Direct Materials Used
Total Current Manufacturing Costs
$0.00
Cost of Goods Manufactured
5. Prepare Lamondaâs 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.)
Schoff Corporation has provided the following data for the mostrecent month:
Raw materials,beginning balance
$
10,100
Work in process,beginning balance
$
22,100
Finished goods,beginning balance
$
52,600
Transactions
(1)
Raw materials purchases
$
75,400
(2)
Raw materials used in production (all direct materials)
$
78,900
(3)
Direct labor
$
72,300
(4)
Manufacturing overhead costsincurred
$
82,600
(5)
Manufacturing overhead applied
$
76,200
(6)
Cost of units completed andtransferred from work in process to finished goods
$
229,000
(7)
Any overapplied or underappliedmanufacturing overhead is closed to cost of goods sold
?
(8)
Finished goods are sold
$
262,000
Required:
Prepare T-accounts for Raw Materials, Work in Process, FinishedGoods, Manufacturing Overhead, and Cost of Goods Sold. Record thebeginning balances and each of the transactions listed above.Finally, determine the ending balances. (Record thetransactions in the given order. Omit the "$" sign in yourresponse.)
