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 Inventories Raw materials Work in process Finished goods $32,000 9,300 54,000 $33,000 20,000 34,200 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 175,000 150,000 Indirect materials Indirect labor Other overhead costs 17,000 34,500 111,000 1,300,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 55%