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 $47,000 9.700 50,000 May 31 $ 40,000 19,400 34,900 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with canh) Factory overhead Indirect materials Indirect labor other overhead costa Sales (received in canh) Predetermined overhead rate based on direct labor cont 192,000 200,000 15,000 46,000 110,000 1,900,000 558 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. 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. 6. Overapplied or underapplied overhead. Do not consider any underapplied or overapplied overhead Raw Materials (RM) Work In Process (WIP) 0 Finished Goods (FG) Factory Overhead 0 0 Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record the entry for direct labor usage. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet 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 1 Record entry Clear entry View general Journal 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 $47,000 9.700 50,000 May 31 $ 40,000 19,400 34,900 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with canh) Factory overhead Indirect materials Indirect labor other overhead costa Sales (received in canh) Predetermined overhead rate based on direct labor cont 192,000 200,000 15,000 46,000 110,000 1,900,000 558 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. 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. 6. Overapplied or underapplied overhead. Do not consider any underapplied or overapplied overhead Raw Materials (RM) Work In Process (WIP) 0 Finished Goods (FG) Factory Overhead 0 0 Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record the entry for direct labor usage. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet 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 1 Record entry Clear entry View general Journal
