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need help finishing this problem. *Do not consider any underapplied or overapplied overhead Answer is not complete. Work in Process (WIP April 30 Raw Materials
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*Do not consider any underapplied or overapplied overhead Answer is not complete. Work in Process (WIP April 30 Raw Materials (RM) 43,000 180,000 DM used 210.000 X 15,000 x Indirect materials April 30 >> Cost of goods manuf. RM purchases OM used DL used Overhead applied olololo May 31 52,000 May 31 0 Finished Goods (FG) Inventory Factory Overhead Cost of goods sold Indirect materials Overhead applied April 30 Cost of goods manuf O Indirect labor Other overhead May 31 0 Underapplied OH The following Information is available for Lock-Tite Company, which produces special-order security pro Job order costing system. April 30 May 21 $ $32,000 9, 300 66,000 58,000 19,000 33,300 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 194,000 250,000 11,000 57,500 90,000 1,900,000 555 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 Step by Step Solution
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