Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I already gave it a try but something went wrong please help. Required information Use the following information to answer questions [The following information applies

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribed

I already gave it a try but something went wrong please help.

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 $ $45,000 9,600 67,000 47,000 20,300 33,500 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 180,000 250,000 14,000 57,500 103,000 1,900,000 55% Exercise 15-7 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. 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. Work in Process (WIP) Raw Materials (RM) 45,000 April 30 RM purchases 180,000 14,000 Indirect materials 164,000 DM used April 30 DM used DL used Overhead applied May 31 164,000 192,500 68,625 451,675 Cost of goods manuf. 26.550 May 31 47,000 Finished Goods (FG) Inventory Factory Overhead 57,500 April 30 Indirect labor Cost of goods sold Cost of goods manuf. 451,675 1 Cost of goods sold Indirect materials 14.000 Other overhead costs 103,000 May 31 451,674 174.499 Income statement (partial) Sales $ 1,900,000 Cost of goods sold 485.175 Gross profit $ 1,414,825

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

More Books

Students also viewed these Accounting questions

Question

Define Management or What is Management?

Answered: 1 week ago

Question

What do you understand by MBO?

Answered: 1 week ago