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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 May 31 $ $30,000 9,400 50,000 49,000 19,200 34,400 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 170,000 200,000 16 , 46,000 107,000 1,900,000 55% 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. 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 job order costing system. April 30 May 31 $ $30,000 9,400 50,000 49,000 19,200 34,400 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 170,000 200,000 16,000 46 , 107,000 1,900,eee 55% 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. 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 May 31 $ $30,000 9,400 50,000 49,000 19,200 34,400 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 170,000 200,000 16,000 46,000 107,000 1,900,000 55% 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. View transaction list 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 May 31 Inventories Raw materials $30,000 49, eee Work in process 9,400 19, 200 Finished goods 50,000 Activities and information for May 34,400 Raw materials purchases (paid with cash) 170,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials Indirect labor 16 , Other overhead costs 46,000 Sales (received in cash) 107,000 Predetermined overhead rate based on direct 1,900,000 labor cost 55% 1. Incurred other overhead costs (record credit to Other Accounts), 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. View transaction list 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 $ $45,500 10,700 65,500 57,000 22,300 40,600 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 215,000 355 , 20,000 85,000 125,000 1,450,000 80% Determine whether there is over or underapplied overhead, Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below, Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. View transaction list View journal entry worksheet