Question
The following information is available for Lock-Tite company which produces special-order security products and uses a job order costing system. Inventories April 30 raw materials
The following information is available for Lock-Tite company which produces special-order security products and uses a job order costing system. Inventories April 30 raw materials $45,000 work in process $9,000 and finished goods $59,000 for May 31 raw materials 37,000 work in process $19,300 and finished goods $33,700 Activities and information for MayRaw materials purchases (paid with cash) $173,000Factory payroll (paid with cash) $250,000Factory overhead Indirect materials $8,000Indirect labor $57,500Other overhead costs $100,000Sales (received in cash) $1,200,000Predetermined overhead rate based on indirect labor costs $55%Compute the following amounts for the month of May using at-accounts 1. Cost of direct materials used2. Cost of direct labor used3. Costs of goods manufactured 4. Costs of goods sold 5. Gross profit6. Overapplied or under applied overhead Do not consider any under applied or overapplied overhead There is a second box I could not take a picture of asking for income statement (partial)
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