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The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system. April 30 May 31
The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system. |
April 30 | May 31 | ||||
Inventories | |||||
Raw materials | $ | 40,000 | $ | 50,000 | |
Goods in process | 9,600 | 19,500 | |||
Finished goods | 60,000 | 33,200 | |||
Activities and information for May | |||||
Raw materials purchases (paid with cash) | 189,000 | ||||
Factory payroll (paid with cash) | 400,000 | ||||
Factory overhead | |||||
Indirect materials | 12,000 | ||||
Indirect labor | 75,000 | ||||
Other overhead costs | 100,500 | ||||
Sales (received in cash) | 1,200,000 | ||||
Predetermined overhead rate based on direct labor cost | 65 | % | |||
1. | Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). |
2. | Application of overhead to goods in process. |
Prepare journal entries for the above events for the month of May. (Omit the "$" sign in your response.) |
Events | General Journal | Debit | Credit |
1. | (Click to select)Other accountsGoods in process inventoryFactory payrollCost of goods soldAccounts payableFactory overheadRaw materials inventoryCash | ||
(Click to select)Factory overheadGoods in process inventoryCost of goods soldCashAccounts payableRaw materials inventoryOther accountsFactory payroll | |||
2. | (Click to select)Goods in process inventoryRaw materials inventoryOther accountsFactory payrollCashFactory overheadAccounts payableCost of goods sold | ||
(Click to select)Cost of goods soldCashRaw materials inventoryFactory payrollOther accountsGoods in process inventoryAccounts payableFactory overhead | |||
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