The following information is available for Lock-Tite Company, which produces special-order security products and job order costing system. April 30 May 31 Inventories Raw materials $45,000 $ 37.000 Work in process 10,000 18,600 Finished goods 59,000 34,100 Activities and information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 8,000 Indirect labor 23,000 Other overhead costs 116,500 Sales (received in cash) 1,000,000 Predetermined overhead rate based on direct labor cost 555 Exercise 19-8 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 1 2 Record other factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal