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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 Inventories Raw

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 $ 50,000 $ 38,000
Work in process 9,600 18,600
Finished goods 69,000 34,400
Activities and information for May
Raw materials purchases (paid with cash) 198,000
Factory payroll (paid with cash) 100,000
Factory overhead
Indirect materials 10,000
Indirect labor 23,000
Other overhead costs 100,500
Sales (received in cash) 1,600,000
Predetermined overhead rate based on direct labor cost 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

Record raw material purchases for cash

Record the entry to assign direct materials to jobs

Record the entry to assign indirect materials to jobs

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