Lock-Tite Company

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. May 31 April 30 $ 26,000 9,200 60,000 $ 44,000 19,900 34,300 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 179,000 250,000 12,000 57,500 105,000 1,100,000 558 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. Do not consider any underapplied or overapplied overhead. ARE ARE HARA Required information "Do not consider any underapplied or averapplied overhead. Work In Process (WIP) April 30 Raw Materials (RM) 26,000 12,000 indirect materials 179.000 DM used RM purchases 193,000 0 Finished Goods (FG) Factory Overhead 0 0 Income statement (partial) 1 Prey 2 3 4 of 8 Next >