Question: all one problem. im struggling to figure it out step by step The following information is available for Lock-Tite Company, which produces special-order security products

all one problem. im struggling to figure it out step by step
all one problem. im struggling to figure it out step by step
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
3 $39,000 9,100 67,000 37,000 19,600 33,900 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 181,000 150,000 11,000 34, seo 119,000 1,500,000 55%
Exercise 15-7 Cost flows in a job order costing system LO P1,

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 3 $39,000 9,100 67,000 37,000 19,600 33,900 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 181,000 150,000 11,000 34, seo 119,000 1,500,000 55% Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-accounts 1. Cost of direct materials used 2. Cost of direct labor used. 3. Cost of goods manufactured 4. Cost of goods sold 5. Gross profit 6. Overapplied or underapplied overhead. "Do not consider any underapplied or overapplied overhead Apnl 30 RM purchases Raw Materials (RM) 39.000 11.000 indirect materials 181.000 TOM used Work in Process (WIP) 9.100 Cost of goods manut Apol 30 OM used used Overhead applied May 31 May 31 200.000 9.100 Finished Goods (FG) Inventory Factory Overhead Income statement (partial) $ 0 Journal entry worksheet A > Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal 1 Required information 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. View transaction list Journal entry worksheet Record the entry for direct labor usage. Note: Enter debits before credits. Transaction General Journal Debit Credit Required information 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. View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!