chapter 15 accounting question 9 excersize 15-7

Check my work 9 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Part 1 of 4 April 30 May 31 1.25 points $32,000 9,800 54,000 42,000 19,300 34,800 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 195,000 150,000 eBook 14,000 34,500 92,000 1,900,000 55% Hint Print References 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. :. Cost of direct labor used. 1. Cost of goods manufactured. .. Cost of goods sold.* i. Gross profit. .. Overapplied or underapplied overhead. . *Do not consider any underapplied or overapplied overhead. Work in Process (W Raw Materials (RM) 32,000 April 30 RM purchases 195,000 14,000 Indirect materials April 30 DM used DL used Overhead applied May 31 May 31 213,000 0 Finished Goods (FG) Inventory Factory Overhea 14,000 April 30 Indirect materials Cost of goods manuf. Cost of goods manuf. May 31 0 14,000 Income statement (partial) Sales Cost of goods sold Gross profit $ 0 Mc Graw