Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me fix what is wrong? Required information (The following information applies to the questions displayed below.) The following information is available for

image text in transcribed

Can someone help me fix what is wrong?

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 $ $41,000 9,200 59,000 43,000 18,200 33,400 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 179,000 150,000 9,000 34,500 105,000 1,600,000 55% 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. No Transaction Credit General Journal Work in process inventory Cash Debit 150,000 150,000 X 34,500 Factory overhead Factory wages payable 34,500 184,500 X Factory wages payable Cash 184,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What are the different techniques used in decision making?

Answered: 1 week ago