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 April 30 $42,000 9,200 53,000 $ 42,000 20,600 33,700 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 174,000 150,000 10,000 34,500 97,500 1,600,000 55% Exercise 15-8 Journal entries for materials LO P1 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Journal entry worksheet A B Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet B B Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet