Exercise 19-11

-order security Exercise 19-7 The following information is available for Lock-Tite Company, which produces special products and uses a job order costing systenm Cost flows in a job order costing system P1 P2 P3 P April 30 May 31 Inventories $43,000 52000 21,300 Raw materials Work in process .. Finished goods .. 10.200 .63,000 35.600 Activities and information for May Raw materials purchases (paid with cash)... 210.000 345,000 Factory overhead 15,000 80,000 20,000 1,400,000 Indirect labor Other overhead costs Predetermined overhead rate based on direct labor cost... 70% Compute the following amounts for the month of May 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 Check $625,400 Use information in Exercise 19-7 to prepare journal entries for the following events for the month of May. Exercise 19-8 3. Indirect materials usage. Journal entries for materials P 1. Raw materials purchases for cash. 2. Direct materials usage. Use information in Exercise 19-7 to prepare journal entries for the following events for the month of May. Exercise 19-9 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Journal entries for labor P2 Use information in Exercise 19-7 to prepare journal entries for the following events for the month of May. Exercise 19-10 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Journal entries for overhead P Refer to information in Esercise 19-1. Prepare the journal entry to allacate (close) overapplied or underap plied overhead to Cost of Goods Sold. Exercise 19 Adjusting factory overhead P