Compute the following amounts for the month of May using T-accounts.

Cost of direct materials used.

Cost of direct labor used.

Cost of goods manufactured.

Cost of goods sold.*

Gross profit.

Overapplied or underapplied overhead
 

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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 Inventories Raw materials Work in process Finished goods Activities and information for May $32,000 9,400 62,000 $ 44,000 18,300 33,700 Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 170,000 200,000 Indirect materials 16,000 46,000 114,500 1,800,000 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% 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 Inventories Raw materials Work in process Finished goods Activities and information for May $32,000 9,400 62,000 $ 44,000 18,300 33,700 Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 170,000 200,000 Indirect materials 16,000 46,000 114,500 1,800,000 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 55%

Answer rating: 100% (QA)

RAW MATERIAL FACTORY PAYROLL FACTORY OVERHEAD AMOUNT AMOUNT PARTICULERS 43000 2100... View the full answer