! 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 $ $ 47,000 9,800 66,000 53,000 19,800 34,100 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 183,000 250,000 8,000 57,500 119,000 1,700,000 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. View transaction list Journal entry worksheet Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction Debit Credit 2 General Journal Work in process inventory Raw materials inventory Record entry Clear entry View general journal