! Required information Use the following information to answer questions (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 $ $42,000 9,700 59,000 May 31 50,000 18,800 33,200 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 coats Sales (received in cash) Predetermined overhead rate based on direct labor cost 171,000 200,000 10,000 46,000 99,500 1,200,000 550 Exercise 19-8 Journal entries for materials LO P1 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