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for #4 do not consider any underapplied or overapplied overhead The following information is available for Lock-Tite Company, which produces special-order security products and uses
for #4 do not consider any underapplied or overapplied overhead
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 Inventories May 31 Raw materials $32,000 $ 59,000 Work in process 9, 300 19,600 Finished goods 67,000 33,600 Activities and information for May Raw materials purchases (paid with cash) 182,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 12,000 Indirect labor 23,000 Other overhead costs 94,500 Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 558 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 Step by Step Solution
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