The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.

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.

Required information Use the following information to answer questions (The following information applies to the questions displayed below.) 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 $ $35,000 9, 100 64,000 38,000 20,400 33,100 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 170,000 300,000 11,000 69,000 95,000 1,500,000 55% Exercise 15-8 Journal entries for materials LO P1 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Journal entry worksheet A B C > Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal Journal entry worksheet