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 produc job order costing system. April 30 May 31 $ $32,000 9,200 50,000 44,000 20,100 34,400 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 costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 188,000 200,000 11,000 46,000 93,000 2,000,000 558 Exercise 19-7 Cost flows in a job order costing system LO P1, P2, P3, P4 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 Required information Do not consider any underapplied or overapplied overhead. IT Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 32,000 11,000 indirect materials 188,000 OM used 209,000 0 Finished Goods (FG) Inventory Factory Overhead 0 0 Income statement (partial) $ View transaction list Journal entry worksheet Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general Journal Journal entry worksheet Record the entry for indirect labor usage. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal Record other factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet