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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 Inventories Raw materials $48,000 30,000 Work in process 9,900 20,000 Finished goods 52,000 34,600 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) 172,000 200,000 Factory overhead Indirect materials 12,000 Indirect labor 46,000 Other overhead costs 90,500 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 55% 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May.
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