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I need help with this for my upcoming test, the numbers already in the input are mine and can be changed. Required Information (The following
I need help with this for my upcoming test, the numbers already in the input are mine and can be changed.
Required Information (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 $ $se, ee 9.200 62,880 53.889 18.480 34,4ee 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 178.000 380,880 15,880 69,880 109.880 1. 10e.689 55% 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. Raw Materials (RM) Work in Process (WIP) April 30 RM purchases 178.000 15,000 Indirect materials DM used 163.000 Finished Goods (FG) Factory Overhead Income statement (partial)Step by Step Solution
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