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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
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 $ $ 35,000 9,200 59,000 41,000 20,600 34,000 I 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 182,600 150,000 10,000 34,500 106,500 1,500,000 55% 1. Incurred other overhead costs (record credit to Other Accounts), 2. Applied overhead to work in process Sales Creceived in cash) Predetermined overhead rate based on direct labor cost 1,500,000 55X 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 View journal entry worksheet No Transaction General Journal Debit Credit Factory overhead Other accounts B 2 Work in process inventory Factory overhead
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