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. May 31 $ 52,000 20,800 33,600 April 30 Inventories Raw materials $33,000 Work in process 9,900 Finished goods 60,000 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 171,000 200,000 15,000 46,000 110,500 1,400,000 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. View transaction list Journal entry worksheet Record raw material purchases for cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry View general journal Clear entry