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 $ $34,000 9,800 50,000 49,000 19,000 34,600 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 195,000 100,000 15,000 23,000 91,000 1,800,000 55% Answer is not complete. April 30 April 30 DM used RM purchases Raw Materials (RM) 34,000 195,000 15,000 Indirect materials 174,000 X DM used 40,000 Work in Process (WIP) 9,800 174,000 X 85,000 441,500 129,000 43,700 DL used Cost of goods manuf. Overhead applied May 31 May 31 Finished Goods (FG) Factory Overhead 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. Exercise 15-9 Journal entries for labor LO P2 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May. Exercise 15-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May