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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 | % | |||||
- Raw materials purchases for cash.
- Direct materials usage.
- 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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