! 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. Inventories Raw materials brk in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead April May 31 $ 32,000 $ 41,000 9,500 13,700 58,000 34,300 174,000 290,000 Indirect materials Indirect labor other overhead costs sales (received in cash) Predetermined overhead rate based on direct labor cost Exercise 15-8 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. View transaction list View journal entry worksheet No Transaction General Journal A 1 Raw materials inventory Cash B 2 Work in process inventory Raw materials inventory C 3 Factory overhead Raw materials inventory 9,000 46,000 98,500 1,500,000 55% Debit Credit 174,000 174,000