Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information applies to the questions displayed below The following information is available for Lock The Company, which produces special order security

image text in transcribed
image text in transcribed
image text in transcribed
Required information The following information applies to the questions displayed below The following information is available for Lock The Company, which produces special order security products and uses a job order costing system 5 5.200 3.000 51,000 19.000 15.00 Inventories materials Work in process Finished gods activities and Information for May Raw materials purchases (paid with cash Factory payroll (pld with cash) Factory overhead Indirect serials Indirect labor other overhead costs Sales (received in cash) predetermined the rate based on direct labor cost 191.000 2007, 14.000 45,000 114,500 1.100.000 551 Compute the following amounts for the month of May using 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 undes applied overhead Do not consider any underapplied or overapplied overhead Ar 30 purchases 48000 191.000 14000 m 174.000 FOM of cost of goods and Works Process 9.200 114000 154 000 34700 121900 OM Old fo May 31 May 31 S1000 Finished Goods (FG) Inventory Factory Overhead Income statement partial Required information (The following information applies to the questions atsplayed below) The following information is available for Lock-Tite Company, which produces special order security products job order costing system April 30 5 $48.000 9,200 6),600 51.600 19.000 35,000 Inventories Raw materials Work in process Finished goods Activities and Information for May Raw materiais 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 191.00 14.00 46,000 114.500 1,700,000 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 5. Overapplied or underapplied overhead Do not consider any underapplied or overapplied overhead April 30 Raw Materials (RM) 48.000 14.000 indirect materials 191,000 174.000 DM used RM purchases Ark 30 TO Lund Overhead applied May 31 Work in Process (WEP) 9.200 174,000 154,000 84.700 421.900 May 31 51.000 Finished Goods (FG) Inventory Factory Overhead 14.000 indirect material Indirect labor 46.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Computer Accounting With Quickbooks 2021

Authors: Author

20th Edition

1264069200, 9781264069200

More Books

Students also viewed these Accounting questions

Question

How can sensitivity to pain be altered?

Answered: 1 week ago

Question

Explain the characteristics of an effective appraisal system.

Answered: 1 week ago

Question

Describe the various performance appraisal methods.

Answered: 1 week ago

Question

Define performance appraisal.

Answered: 1 week ago