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Please help me complete the charts. thanks you, will hit like. [lhe following information applies to the questions displayed below. The following information is available
Please help me complete the charts. thanks you, will hit like.
[lhe 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 $ $30,000 9,300 67,000 47,000 20,100 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 185,000 100,000 7,000 23,000 119,500 1,100,000 55% Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used 2. Cost of direct laborused. 3. Cost of goods manufactured 4. Cost of goods sold. 5. Gross profit 6. Overapplied or underapplied overhead. Required information "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) April 30 Cost of goods manur. Indirect materials DM used RM purchases April 30 DM used DL used Overhead applied May 31 May 31 Finished Goods (FG) Inventory Factory Overhead 'April 30 indirect materials Cost of goods manui Indirect labor Other overhead costs May 31 Underapplied OH 0 Income statement (partial) Sales HER Cost of goods sold Gross profit ETStep by Step Solution
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