Exercise 19-7 Cost flows in job order costing P1 P2 P3 P4 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 $ $43,000 10,200 63,000 52,000 21,300 35,600 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.............. 210,000 345,000 15,000 80,000 120,000 1,400,000 70% Compute the following amounts for the month of May. 1. Cost of direct materials used. 4. Cost of goods sold. (Do not consider any underapplied or overapplied overhead.) 2. Cost of direct labor used. 5. Gross profit. 3. Cost of goods manufactured. 6. Overapplied or underapplied overhead. Check (3) $625,400 Exercise 19-7 Cost flows in job order costing P1 P2 P3 P4 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 $ $43,000 10,200 63,000 52,000 21,300 35,600 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.............. 210,000 345,000 15,000 80,000 120,000 1,400,000 70% Compute the following amounts for the month of May. 1. Cost of direct materials used. 4. Cost of goods sold. (Do not consider any underapplied or overapplied overhead.) 2. Cost of direct labor used. 5. Gross profit. 3. Cost of goods manufactured. 6. Overapplied or underapplied overhead. Check (3) $625,400