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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 $
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 $ $49,000 9,200 69,000 54,000 20,800 33,300 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 185,000 150,000 8,000 34,500 117,000 1,200,000 55% 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process.
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