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 $ $ 47,000 9,200 54,000 31,000 18,500 35,000 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 189,000 100,000 8,000 23,000 109,500 1,800,000 558 Exercise 15-7 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. 3 4 6 5 Check Required information 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. 6. Overapplied or underapplied overhead. -40 "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) April 30 May 31 0 Finished Goods (FG) Inventory Factory Overhead 0 MIUIUM 2 of 4 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. 3:08:47 View transaction list ok Journal entry worksheet ht Reyunu Formation 3. Toldi payroll Palu lil Lasti. 4 Prepare journal entries for the above transactions for the month of May. View transaction list 54 Journal entry worksheet W Exercise 15-9 Journal entries for labor LO P2 3 of 4 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. 3:07:13 View transaction list ok Journal entry worksheet ht View transaction list Journal entry worksheet A Record the application of overhead to work in process. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal 9 13