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 $ 43,000 $ 52, eee Work in process 10, 208 21,300 Finished goods 63,899 35,689 Activities and information for May Raw materials purchases (paid with cash) 210, eee Factory payroll (paid with cash) 345, eee Factory overhead Indirect materials 15, eee Indirect labor 8e, eee Other overhead costs 120, eee Sales (received in cash) 1,400, see Predetermined overhead rate based on direct labor cost 70% 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 B > Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Credit Transaction 2 Accounts payable Debit 345,000 Cash 345,000 Cost of goods sold Factory overhead Record entry Clear entry View general journal