! 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 May 31 Inventories Raw materials $44,000 $ 54,000 Work in process 9,500 18,600 Finished goods 57,000 33,500 Activities and information for May Raw materials purchases (paid with cash) 189,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials Indirect labor 13,000 34,500 Other overhead costs Sales (received in cash) 112,500 Predetermined overhead rate based on direct labor cost 1,300,000 55% 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.