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how do i calculate? The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April
how do i calculate?
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 $ $32,000 9, 300 66,000 37,000 19,200 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 187,000 250,000 11,000 57,500 94,500 1,000,000 55% 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. Journal entry worksheet Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheetStep by Step Solution
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