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 $28,000 $ 45,000 Work in process 9,700 19,300 Finished goods 51,009 34,800 Activities and information for May Raw materials purchases (paid with cash) 181,000 Factory payroll (paid with cash) 380,000 Factory overhead Indirect materials 13,000 Indirect labor 69,000 Other overhead costs 104,000 Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 559 37 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. ! . 13 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 April 30 May 31 Raw materials $28,000 $ 45,000 Work in process 9,700 19,300 Finished goods 51,000 34,800 Activities and information for May Raw materials purchases (paid with cash) 181,000 Factory payroll (paid with cash) 300,000 Factory overhead Indirect materials 13,000 Indirect labor 69,000 Other overhead costs 104,000 Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 554 6:17 Exercise 15-9 Journal entries for labor LO P2 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 Man ! 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 $28,000 $ 45,000 Work in process 9,700 19,300 Finished goods 51,080 34,800 Activities and information for May Raw materials purchases (paid with cash) 181,000 Factory payroll (paid with cash) 300,000 Factory overhead Indirect materials 13,000 Indirect labor 69,000 Other overhead costs 184,000 Sales Creceived in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 555 Exercise 15-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process
