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Required information Use the following information to answer questions (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 $ $44,000 9,600 63,000 49,000 18,600 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 186,000 150,000 15,000 34,500 118,500 1,300,000 SS Exercise 19-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. Check my wor Required information Compute the following amounts for the month of May using T-accou 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. "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 44.000 15,000 Indirect materials 1 86,000 DM used Work in Process (WIP) 44,000 April 30 RM purchases Cost of goods manuf. April 30 OM used DL used Overhead a May 31 215,000 Finished Goods (FG) Cost of goods sold Indirect materials 15.000 118,500 Overhead applied April 30 cost of goods manuf. NA May 31 Income statement (partial) Sales Cost of goods sold Gross profit Required information Use the following information to answer questions [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 $ $44,000 9,600 63,000 49,000 18,600 33, 100 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 186,000 150,000 15,000 34,500 118,500 1,300,000 55% Exercise 19-8 Journal entries for materials LO P1 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Required information 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet 2 3 Record raw material purchases for cash. Note: Enter debits before credits. General Journal Debit Transaction Credit Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit
