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please explain how me and a friend are stumped working on this even using others answers as a reference here. The following information is available
please explain how me and a friend are stumped working on this even using others answers as a reference here.
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 Part 1 of 2 $ $32,000 9.200 60,000 46,00 19,49 33, 30 5.55 points Inventories Raw materials Work in process Finished stoods 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 Tabor cost 191, 150,000 17,000 34, seg 103,500 2,000,000 55% Compite the following amounts for the month of May using Tacxints Deterend 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 overheat Work in Process (WIP) Raw Materials (HM)Step by Step Solution
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