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Show your working please. Required information Use the following information to answer questions [The following information applies to the questions displayed below.] The following information
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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 $33,000 9, 300 68,000 56,000 18,600 34, 600 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 182,000 300,000 10,000 69,000 107,000 1,400,000 55% 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. 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 33,000 10,000 Indirect materials 182,000 139,000 DM used Work in Process (WIP) 9.300 April 30 April 30 RM purchases Cost of goods manuf. May 31 66.000 9,300 Finished Goods (FG) Factory Overhead Income statement (partial) $ 0 Exercise 19-8 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 Clear entry View general journal Exercise 19-9 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 May. View transaction list Journal entry worksheet Record the entry for direct labor usage. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Exercise 19-10 Journal entries for overhead LO P3 & 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. LP Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet 1 2 > Record other Factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journalStep by Step Solution
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