4 Use the following information to answer questions Part 2 of 4 [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 30 May 31 11.11 points Inventories Rav materials $37,000 50,000 Nork in process 9.100 19,600 Finished goods 57,000 34,700 Activities and information for May Rav materials purchases (paid with cash) 175,000 Factory payroll (paid with cash) 150,000 Book Factory overhead) Indirect materials Indirect labor 16,000 34,500 Other overhead costa 90,500 Hive Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 55% Point Exercise 15-8 Journal entries for materials LO P1 References 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 Journal entry worksheet < A C Record raw material purchases for cash.