2 different questions and parts
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 3e May 31 Inventories Raw materials $43,000 $ 52,000 Work in process 18, 2ee 21,300 Finished goods 63,eee 35,600 Activities and information for May Raw materials purchases (paid with cash) 21e eee Factory payroll (paid with cash) 345,888 Factory overhead Indirect materials 15,000 Indirect labor 82,800 Other overhead costs 120, eee Sales (received in cash) 1,400, eee Predetermined overhead rate based on direct labor cost 70% Compute the following amounts for the month of May using T-accounts. 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. Overapplied or underapplied overhead "Do not consider any underapplied or overapplied overhead Raw Materials (RM) Work in Process (WIP) 0 Finished Goods (FG) Inventory Factory Overhead Raw Materials (RM) Work in Process (WIP) 0 Factory Overhead Finished Goods (FG) Inventory 0 0 Income statement (partial) $ 0 [The following information applies to the questions displayed below) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 3e May 31 5 $47,000 9,300 64,000 4e, eee 18,100 33,900 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 192,000 250, see 13,000 57,500 102, see 1,100,000 55% Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used 2. Cost of direct labor used 3. Cost of goods manufactured Compute the following amounts for the month of May using T-accounts. 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. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead Raw Materials (RM) Work in Process (WIP) 0 0 Finished Goods (FG) Inventory Factory Overhead Finished Goods (FG) Inventory Factory Overhead 014 0 Income statement (partial $ 1. Raw materials purchases for cash 2. Direct materials usage 3. Indirect materials usage Prepare journal entries for the above transactions for the month of May View transaction list View journal entry worksheet No Transaction General Journal Debit Credit A 1 192,000 Raw materials inventory Cash 192,000 B 2 No Transaction Recorded 3 13,000 Factory overhead Raw materials inventory 13,000 Journal entry worksheet Record the entry for direct labor usage. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Required information Journal entry worksheet Record the entry for the cash payment of total factory payroll. Note: Enter debits before credits Transaction General Journal Debit Credit 3 Record entry Clear entry View general Journal
