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 materiale $48,000 $ 52,000 Work in process 9,600 18,600 Finished goods 59,000 34,000 Activities and information for May Raw materiala purchases (paid with cash) 192,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 11,000 Indirect labor 46,000 Other overhead costs 119,500 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 550 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 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Raw talle (RM) 4 37 Finished Goods (FG) Inventory Factory Overhead 0 5 Income statement (partial) $ 0 Prev 1 2. 3 4 of 8 !!! Next > MacBook Air con DOO 74 44 11 55 F2 F6 19 FB TY # $ % & 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 raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal 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. View transaction list Journal entry worksheet Record the entry for direct labor usage. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry Vlew general Journal 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 24 Journal entry worksheet