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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
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 | $ | 28,000 | $ | 33,000 | |||
Work in process | 9,700 | 20,500 | |||||
Finished goods | 68,000 | 34,400 | |||||
Activities and information for May | |||||||
Raw materials purchases (paid with cash) | 180,000 | ||||||
Factory payroll (paid with cash) | 150,000 | ||||||
Factory overhead | |||||||
Indirect materials | 12,000 | ||||||
Indirect labor | 34,500 | ||||||
Other overhead costs | 98,000 | ||||||
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.
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