! 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. 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 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. April 30 May 31 $34,000 $ 31,000 9,500 20,700 60,000 34,900 181,000 300,000 | 16,000 69,000 98,500 1,600,000 558 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 $34,000 $ 31,000 Work in process 9,500 Finished goods 60,000 Activities and information for May Raw materials purchases (paid with cash) 20,700 | 34,900 181,000 Factory payroll (paid with cash) 300,000 | Factory overhead. Indirect materials. 16,000 Indirect labor Other overhead costs Sales (received in cash). Predetermined overhead rate based on direct labor cost 69,000 98,500 1,600,000 558 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May.