Question: Please answer These 4 questions on the second page Chaptor 15 Job Order Costing and Analysis following information is available for Lock-Tite Company, which produces
Chaptor 15 Job Order Costing and Analysis following information is available for Lock-Tite Company, which produces special-order security Exercise 15 ducts and uses a job order costing system Cost flows in a costing systen P1 P2 P3 April 30 May31 Raw materials Work in process Finished goods $43,000 52,000 10,200 21,300 63,00035,600 Activitles and informadon for May Raw materials purchases (paid with cash) Factory payroll (paild with cash) 210,000 345,000 Factory overhead 15,000 0,000 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 k Cost of direct materials used. Cost of direct labor used Cost of goods manufactured. 4. Cost of goods sold. 5. Gross profit. 6. Overapplied or underapplied overhead. Do sot cossider any underapplied ar overapplied overhead Check e information in Exercise 15-7 to prepare journal entries for the following events for the moath of May. Exereise 15-8 Raw materials purchises for cash. Direct materials usage Journal entries for materials P1 3. Indirect materials usage e information in Exercise 15-7 to prepare journal entries for the following events for the month of May. Exercise 15-9 Direct labor usage. Journal entries for labor P2 3. Total payroll paid in cash 2Indirect labor usage. e information in Exercise 15-7 to prepare journal entries for the following events for the month of May. Exercise 15-10 Incurred other overhead costs (record credit to Other Accounts) Application of overhead to work in process Journal entries for overhead P3 efer to information in Exercise 15-7. Prepare the journal entry to allocate (close) overapplied or underap Exercise 15-11 pied overhead to Cost of Goods Sold Adjusting factory overhead P
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