anvel ERI 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 30 May 31 $ $ 47, eee 9,300 64,000 4e, eee 18,180 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, eee $7, see 102,500 1. 100, eee 555 Compute the following amounts for the month of May using T-accounts. 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 "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WP) 0 Factory Overhead Finished Goods (FG) Inventory 0 Income statement (partial) $ 0 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 Credit Debit 192,000 1 Raw materials inventory Cash 192.000 2 No Transaction Recorded 13,000 3 Factory overhead Raw materials inventory 13.000 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet A B > Record the entry for direct labor usage. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Required information 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet A 00 > Record the entry for indirect labor usage. Note: Enter debits before credits Transaction General Journal Debit Credit 2 Required information 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet