How to find the Adjusted Cost of goods sold, gross profit, and Net income (loss)...
90.2K
Verified Solution
Link Copied!
Question
Accounting
How to find the Adjusted Cost of goods sold, gross profit, and Net income (loss) from operations. I need help finding this.
The following transactions occurred during April: a. Purchased materials on account at a cost of $233,570. b. Requisitioned materials at a cost of $112,000, of which $16,400 was for general factory use. c. Recorded unpaid factory labor of $225,000, of which $43,375 was indirect. d. Incurred other costs: e. Applied overhead at a rate equal to 134 percent of direct labor cost. f. Completed jobs costing $263,150. g. Sold jobs costing $323,470. h. Recorded sales revenue (on account) of $519,000. \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ LAMONDA CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Month of April } \\ \hline Sales Revenue & $519,000.00 \\ \hline Cost of Goods Sold & 124,400.00 & \\ \hline Beginning Finished Goods Inventory & 263,150.00 & \\ \hline Plus: Cost of Goods Manufactured & 64,080.00 & \\ \hline Less: Ending Finished Goods Inventory & 323,470.00 & \\ \hline Unadjusted Cost of Goods Sold & 128,002.50 & \\ \hline Less: Overapplied Manufacturing Overhead & \\ \hline Adjusted Cost of Goods Sold & & \\ \hline Gross Profit & & \\ \hline Selling and Administrative Expenses & & \\ \hline Net Income (Loss) from Operations & & \\ \hline \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Sales Revenue } \\ \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{c|}{ Credit } \\ \hline Beginning Balance & & & \\ \hline & & 519,000.00 & (h) \\ \hline & & & \\ \hline Ending Balance & & 519,000.00 \\ \hline \end{tabular}
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!