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. Inventories Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Raw materials Work in process Finished goods Indirect materials Indirect labor Exercise 15-10 Journal entries for overhead LO P3 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. No A Prepare journal entries for the above transactions for the month of May. B View transaction list View journal entry worksheet Transaction 1 2 Factory overhead Other accounts Work in process inventory Factory overhead General Journal April 30 $39,000 9,100 63,000 D $ May 31 37,000 18, 100 33, 100 172,000 100,000 12,000 23,000 109,500 1,500,000 55% Debit 109,500 Credit 109,500 (x) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Raw materials Work in process Finished goods Indirect materials Indirect labor Exercise 15-10 Journal entries for overhead LO P3 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. No A Prepare journal entries for the above transactions for the month of May. B View transaction list View journal entry worksheet Transaction 1 2 Factory overhead Other accounts Work in process inventory Factory overhead General Journal April 30 $39,000 9,100 63,000 D $ May 31 37,000 18, 100 33, 100 172,000 100,000 12,000 23,000 109,500 1,500,000 55% Debit 109,500 Credit 109,500 (x)

Answer rating: 100% (QA)

No Transaction General Journal Debit Credit A 1 Factory overhead 109500 O... View the full answer