The following information is available for Lock-Tite Company, which produces special-order security products and uses a...
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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 Raw materials Work in process Finished goode Activities and information for May Raw materials purchases (paid with cash) Factory payroli (paid with cash) Factory overhead Indirect materials $35,000 9,100 51,000 48,000 18,400 33,800 196,000 200,000 7,000 46,000 Indirect labor 116,500 1,100,000 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% Raw Materials (RM) Work in Process (WIP) 35,000 196,000 7,000 Indirect materials 176,000 DM used 9,100 176,000 154,000 Cost of manuf 405,400 April 30 RM purchases April 30 DM used DL used Overhead applied May 31 84,700 May 31 48,000 18,400 Finished Goods (FG) Inventory Factory Overhead 51,000 422,600 Cost of goods sold Indirect materials Indirect labor Other overhead April 30 7,000 84.700 Overhea Cost of goods manut 405,400 46,000 costs 116,500 May 31 33,800 Underapplied OH 84,800 Income statement (partial) Sales Cost of goods sold Gross profit $ 1.100,000 422,600 677,400 • 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 goode Activities and information for May Raw materials purchases (paid with cash) Factory payroli (paid with cash) Factory overhead Indirect materials $35,000 9,100 51,000 48,000 18,400 33,800 196,000 200,000 7,000 46,000 Indirect labor 116,500 1,100,000 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% Raw Materials (RM) Work in Process (WIP) 35,000 196,000 7,000 Indirect materials 176,000 DM used 9,100 176,000 154,000 Cost of manuf 405,400 April 30 RM purchases April 30 DM used DL used Overhead applied May 31 84,700 May 31 48,000 18,400 Finished Goods (FG) Inventory Factory Overhead 51,000 422,600 Cost of goods sold Indirect materials Indirect labor Other overhead April 30 7,000 84.700 Overhea Cost of goods manut 405,400 46,000 costs 116,500 May 31 33,800 Underapplied OH 84,800 Income statement (partial) Sales Cost of goods sold Gross profit $ 1.100,000 422,600 677,400 • 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 goode Activities and information for May Raw materials purchases (paid with cash) Factory payroli (paid with cash) Factory overhead Indirect materials $35,000 9,100 51,000 48,000 18,400 33,800 196,000 200,000 7,000 46,000 Indirect labor 116,500 1,100,000 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% Raw Materials (RM) Work in Process (WIP) 35,000 196,000 7,000 Indirect materials 176,000 DM used 9,100 176,000 154,000 Cost of manuf 405,400 April 30 RM purchases April 30 DM used DL used Overhead applied May 31 84,700 May 31 48,000 18,400 Finished Goods (FG) Inventory Factory Overhead 51,000 422,600 Cost of goods sold Indirect materials Indirect labor Other overhead April 30 7,000 84.700 Overhea Cost of goods manut 405,400 46,000 costs 116,500 May 31 33,800 Underapplied OH 84,800 Income statement (partial) Sales Cost of goods sold Gross profit $ 1.100,000 422,600 677,400 • 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 goode Activities and information for May Raw materials purchases (paid with cash) Factory payroli (paid with cash) Factory overhead Indirect materials $35,000 9,100 51,000 48,000 18,400 33,800 196,000 200,000 7,000 46,000 Indirect labor 116,500 1,100,000 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% Raw Materials (RM) Work in Process (WIP) 35,000 196,000 7,000 Indirect materials 176,000 DM used 9,100 176,000 154,000 Cost of manuf 405,400 April 30 RM purchases April 30 DM used DL used Overhead applied May 31 84,700 May 31 48,000 18,400 Finished Goods (FG) Inventory Factory Overhead 51,000 422,600 Cost of goods sold Indirect materials Indirect labor Other overhead April 30 7,000 84.700 Overhea Cost of goods manut 405,400 46,000 costs 116,500 May 31 33,800 Underapplied OH 84,800 Income statement (partial) Sales Cost of goods sold Gross profit $ 1.100,000 422,600 677,400
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor-Yi Tsay, Philip Old
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