Factory overhead Particulars Amount Particulars Amount Raw materials inventory 9,000 Work in process inv. 84,700 Factory wages payable 46,000 Cost of goods sold 84,300 Cash 114,000 Total 169,000 Total 169,000 Finished good inventory paritculars Amount Particulars Amount Balance b/d 51,000 Cost of goods sold 390,000 Work in progress 373,400 Balance c/ 34,400 Total 424,400 Total 424,400 Cost of goods sold Particulars Amount Particulars Amount Finished goods inv 390,000 Income summary 474,300 Factory overhead 84,300 Total 474,300 Adjusted balance of cost of goods =$390,000+$84,300=$474,300 3) Use the information from connect T-accounts along with the journal entries in 1 and the T-accounts in 2 of the Project to complete the following: a) Prepare a Schedule of Cost of Goods Manufactured using the following (include amounts in each pale blue cell): LOCK-TITE COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31, Year X Direct materials Raw materials inventory, beginning 144,000.00 Add: Raw materials purchases Raw materials available for use Less: Raw materials inventory, ending Raw materials used Less: Indirect material used Direct Material used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of Goods ManufacturedRequired information [The following information applies to the questions displayed below] The following information is available for LockTite Company, which produces specialorder security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $25,000 $ 43,000 Work in process 9,900 19,200 Finished goods 51,000 34,400 Activities and information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 9,000 Indirect labor 46,000 Other overhead costs 114,000 Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 55% [ Ref. Account Debit Credit a) Raw Material purchased on account a Raw Material Inventory 171,000 Cash 171,000 b) Raw Material used as direct and indirect material b Work in Process Inventory 144,000 Factory Overhead 9,000 Raw Material Inventory 153,000 c) Recognition of direct and indirect labor owed to employees C Work-in Process Inventory 154,000 Factory Overhead 46,000 Factory Wages Payable 200,000 d) Application of factory overhead to work-in-process d Work in Process Inventory 84,700 Factory Overhead 84,700 e) Recognition of Cost of Goods Manufactured e Finished Goods Inventory 373,400 Work-in Process Inventory 373,400 f) Recognition of Sales Revenue f Cash 1,600,000 Sales Revenue 1,600,000 g) Recognition of Cost of Goods Sold Cost of Goods Sold 390,000 Finished Goods Inventory 390,000 h) Incurrence of other overhead costs (use "various" to represent multiple accounts. h Factory Overhead 114,000 Accounts Payable 114,0002) Adjusting Factory Overhead: Use these T-accounts to complete the requirements below: COGS Unadjusted Balance from connect 390,000 AJE 84,300 Adjusted COGS balances 474,300 Factory Overhead Unadjusted Balance 169,000 84,700 AJE 84,300 Adjusted COGS balances 169,000 169,000 a) Include the unadjusted balances in the T accounts above. The unadjusted Factory Overhead balance is the last row of the Factory Overhead T account again in Question 15 of connect HW2.1 assignment. b) Assume Lock-\"Tit; clears all its under- or over-applied overhead to cost of goods sold. Write the \"adjusting\" journal entry to zero the Factory Overhead account. 0) Post the journal entry to the COGS and FOH T accounts above 2a and calculate the \"adjusted balances for COGS. Show the ending Factory Overhead account as zero. Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Cost of goods available for sale Less: Finished goods inventory, ending AddISubtract overlunder applied overhead Adjusted Cost of Goods Sold Gross Margin c) Calculate Lock-lite Company's overall Gross Margin percent. Hint: Gross Margin percent = Gross Margin/Sales Revenue