Please help
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 Hay 31 Inventories Raw materials $48,000 35,000 Work in process 9, 800 19,400 Finished goods 52,000 33,200 Activities and information for May Raw materials purchases (paid with cash) 196,000 Factory payroll (paid with cash) 300,000 Factory overhead Indirect materials 16,000 Indirect labor 69,000 Other overhead costs 105,000 Sales (received in cash) 1, 700,000 Predetermined overhead rate based on direct labor cost 558\fc) Recognition of direct and indirect labor owed to employees Work in process inventory 300,000 Factory Overhead 69,000 Wages payable 369.000 d) Application of factory overhead to work-in-process d Work in Process Inventory 165,000 Factory Overhead 165.000 e) Recognition of Cost of Goods Manufactured e Finished goods Inventory 570,000 Work in Process Inventory 570.000 f) Recognition of Sales Revenue f Cash 1,700,000 Sales Revenue 1,700,000 2) Recognition of Cost of Goods Sold E Cost of Goods Sold 570.000 Finished goods inventory 570,000h) Incurrence of other overhead costs (use "various" to represent multiple accounts h Factory overhead 105,000 Various Accounts 105,000 2) Adjusting Factory Overhead: Use these T-accounts to complete the requirements below: COGS Unadjusted Balance from connect AJE Adjusted COGS balances Factory Overhead Unadjusted Balance AJE Adjusted COGS balances a) Include the unadjusted balances in the T accounts above. The COGS unadjusted balance can be found in the partial income statement underneath the T accounts on Question 11 of connect HW2.1 assignment. The unadjusted Factory Overhead balance is the last row of the Factory Overhead T account again in Question 15 of connect HW2. I assignment. b) Assume Lock-Tite clears all its under- or over-applied overhead to cost of goods sold. Write the "adjusting" journal entry to zero the Factory Overhead account.c) Post the journal entry to the COGS and FOH T accounts above 2a and calculate the "adjusted balances for COGS. Show the ending Factory Overhead account as zero. 3) Use the information from connect T-accounts along with the journal entries in 1 and the T-accounts in 2 of the Project to complete the following: a) Prepare a Schedule of Cost of Goods Manufactured using the following (include amounts in each pale blue cell): LOCK-TITE COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31, Year X Direct materials Raw materials inventory, beginning Add: Raw materials purchases Raw materials available for use Less: Raw materials inventory, ending Raw materials used Less: Indirect material used Direct Material used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of Goods Manufacturedb) Complete the partial income statement for the table below (include amounts in all pale blue cells): Lock-Tito Company Income Statement For Month Ended May 31, Year 1 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Cost of goods available for sala Less: Finished goods inventory, ending Uriadjusted Cost of goods sold Add/Subtract over/under applied overhead Adjusted Cost of Goods Sold Gross Margin how do I do question 2 and 3
