The following information is available for Lock-Tite Company, which produces special-order security products and uses a job
Question:
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.
Compute the following amounts for the month of May.
1. Cost of direct materials used.
2. Cost of direct labor used.
3. Cost of goods manufactured.
4. Cost of goods sold.
5. Gross profit.
6. Over-applied or under-applied overhead.
Transcribed Image Text:
April 30 May 31 Inventories Raw materials Work in process Finished goods $ 29,000$ 54,000 9,100 21,000 67,000 33,200 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 192,000 340,000 Indirect materials Indirect labor Other overhead costs 15,000 67,000 106,000 1,400,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 55%
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1 Calculate the cost of direct material used as follows Raw Materials Beginning balance 29000 Indire...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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