Question: Please help me to answer this question. Tks! [The following information applies to the questions displayed below] The following information is available for Lock-Tite Company,

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Please help me to answer this question. Tks!






[The following information applies to the questions displayed below] 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 Inventories Raw materials $ 28,000 $ 36,000 Work in process 9,800 19,400 Finished goods 59,000 33,000 Activities and information for May Raw materials purchases (paid with cash) 189,000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 16,000 Indirect labor 57,500 Other overhead costs 107,500 Sales (received in cash) 1,500,000 Predetermined overhead rate based on direct labor cost 55% 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 prot. 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. \f1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record raw material purchases for cash. Note: Enter debits before credits. Clear entry View general journal View transaction list Journal entry worksheet Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Clear entry View general journal View transaction list Journal entry worksheet Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. Record entry Clear entry View general journal
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