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[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 $34, eee $ 47, eee Work in process 10, eee 19,80 Finished goods 63,eee 35, eee Activities and information for May Raw materials purchases (paid with cash) 184, eee Factory payroll (paid with cash) 1ee, eee Factory overhead Indirect materials 14, eee Indirect labor 23,000 Other overhead costs 119,00 Sales (received in cash) 1,680, eee Predetermined overhead rate based on direct labor cost 55% 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. [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 $ $ 34, eee 10,000 63, eee 47,eee 19,80 35,80 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 cost Sales (received in cash) Predetermined overhead rate based on direct labor cost 184, eee 100,000 14,000 23,80 119,00 1,689, eee 55% 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. Required Information [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 $ $ 34,000 10,eee 63,eee 47,80 19,80 35,000 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 184, eee 100,00 14, eee 23, eee 119, eee 1,688,080 55% 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. Required Information [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 $ $ 34,080 10,080 63, eee 47,080 19, eee 35,eee 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 184, eee 1e8,eee 14, eee 23,eee 119,00 1,680,000 55% 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare Journal entries for the above transactions for the month of May. Raw Materials (RM) Work in Process (WIP) April 30 Indirect materials April 30 Cost of goods manuf. RM purchases DM used DM used DL used Overhead applied May 31 Finished Goods (FG) Factory Overhead April 30 Cost of goods sold Indirect materials Overhead applied Cost of goods manuf. Indirect labor Other overhead costs May 31 0 Income statement (partial) Sales Cost of goods sold Gross profit S 0
