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pls help if u can Required information [The following information applies to the questions displayed below) The following Information is available for Lock-Tite Company, which
pls help if u can
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 $43,000 $ 52.000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor Be,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 203 ences ompute the following amounts for the month of May using T-accounts Cost of direct materials used Cost of direct lobor used . Cost of goods manufactured Cost of goods sold" Gross profit 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 ovetopplied overhead. TADO 30 from purchases Raw Materials (RM) 43.000 67 000 UM used 210.000 15 000 indirect materials Work In Process (WP 10.200 April 30 TOM used Lused Overhead applied May 31 171.000 166 200 Finished Goods (FC) Inventory Factory Overhead 0 Required information Finished Goods (FG) Inventory 0 hi Income statement (partial) $ 0 Step by Step Solution
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