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 $39,000 $ 42,000 Work in process 9,500 20,600 Finished goods 62,000 33,400 Activities and information for May Rew materials purchases (paid with cash) 196,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 16,000 Indirect labor 46,000 Other overhead costs 94,000 Sales (received in cash) 1,100,000 Predetermined overhead rate based on direct labor cost 55% Exercise 15-8 Journal entries for materials LO P1 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 View transaction list Journal entry worksheet Record raw material purchases for cash. Note: Enter debits before credits. General Journal Transaction 1 Debit Credit Record entry Clear entry View general journal Journal entry worksheet