Cost flows in a job order costing system. 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. overapplied or underapplied overhead

Journal entries for materials

Use information above to prepare journal entries for the following events for the month of May.

1. Raw materials purchases for cash.
2. Direct materials usage.
3. Indirect materials usage.

Use information above to prepare journal entries for the following events for the month of May.

1. Direct labor usage.
2. Indirect labor usage.
3. Total payroll paid in cash.

Show your work and equations.

April 30 May 31 Inventories Raw materials $43,000 $ 52,000 Work in process Finished goods 10200 21,300 35,600 63,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials 210,000 345,000 15,000 Indirect labor.. 80,000 Other overhead costs 120,000 Sales (received in cash) ,400,000 Predetermined overhead rate based on direct labor cost 70%