The following information is available for Lock-Tite Company, which produces special-order security products and uses a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 Work in process Finished goods Activities and information for May Raw naterials 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 $49,000 9,700 60,000 %24 59,000 19,100 34,400 197,000 150,000 15,000 34,500 93,580 1,600,000 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 profit. 6. Overapplied or underapplied overhead. Work in Process (WIP) 9,700 Raw Materials (RM) April 30 49,000 34,500 indirect labor April 30 Cost of goods manuf 197,000 DM used 15,000 indirect materials 132,700 DM used RM purchases DL used Overhead applied May 31 63,800 May 31 9,700 Finished Goods (FG) Inventory Factory Overhead April 30 Cost of goods sold Indirect materials Cost of goods manuf Indirect labor Other overhead costs May 31 Income statement (partial) Sales 1,600,000 Cost of goods sold Gross profit 1,600,000 %24 %24 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 Work in process Finished goods Activities and information for May Raw naterials 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 $49,000 9,700 60,000 %24 59,000 19,100 34,400 197,000 150,000 15,000 34,500 93,580 1,600,000 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 profit. 6. Overapplied or underapplied overhead. Work in Process (WIP) 9,700 Raw Materials (RM) April 30 49,000 34,500 indirect labor April 30 Cost of goods manuf 197,000 DM used 15,000 indirect materials 132,700 DM used RM purchases DL used Overhead applied May 31 63,800 May 31 9,700 Finished Goods (FG) Inventory Factory Overhead April 30 Cost of goods sold Indirect materials Cost of goods manuf Indirect labor Other overhead costs May 31 Income statement (partial) Sales 1,600,000 Cost of goods sold Gross profit 1,600,000 %24 %24
Expert Answer:
Answer rating: 100% (QA)
RawMaterials RM April 30 RM Purchases 49000 197000 1... View the full answer
Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
Posted Date:
Students also viewed these accounting questions
-
The following information is available for Vega Manufacturing Company for the monthe ending July 31, 2012: Cost of goods manufactured ..........$270,000 Selling expenses ................ 58,000...
-
The following information is available for Brimley Inc. Note: All inventory is purchased on account, and Accounts Payable relates only to the purchase of inventory. Compute the following for 2008: 1....
-
The following information is available for ONeal Manufacturing Company for the month ending January 31, 2010: Cost of direct materials used in production ....... $132,000 Direct labor...
-
Reading material Raymond Frost, Alexa K. Fox & Judy Strauss (2019). Product: The Online Offer. E-Marketing , 9, 206 - 228. Raymond Frost, Alexa K. Fox & Judy Strauss (2019). Price: The Online Value....
-
The balance sheets of Petron Co. and Seeview Co. on June 29, Year 2, were as follows: On June 30, Year 2, Petron Co. purchased 90% of the outstanding shares of Seeview Co. for $40,500 cash. Legal...
-
A certain process for manufacturing integrated circuits has been in use for a period of time, and it is known that 12% of the circuits it produces are defective. A new process that is supposed to...
-
Discuss the different types of HRIS T&D applications and their reporting and decision-support capabilities.
-
Administrative theorists concluded many decades ago that the most effective organizations have a narrow span of control. Yet todays top-performing manufacturing firms have a wide span of control. Why...
-
Based upon your in-depth knowledge of Lululemon, you are to identify and describe your firm's most persuasive growth opportunity: Your growth opportunity may fall within 1 of the 3 common situations...
-
Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following is information on the purchases and sales of the power drills, M1500. On November 1, Tool...
-
Brubakers came to market in Oct 2022 with an initial public offering of equity priced at $42.15 per share. On the first trading day, the price of the shares moved immediately to $48.00, then traded...
-
You are a mentor teacher in an early learning program. Your administrator has asked you to support your team in developing reflective practice as it pertains to observation and assessment. You decide...
-
For the Research Project, each student will select a compelling problem confronting New York City and will analyze it using the problem-solving approach described in Chapter 3 of Thinking Critically....
-
To become a more effective speaker I believe the best strategies are using clarity in your speech, avoiding words that may have different meanings to the audience, avoiding curse words, and using...
-
OUTLINE INSTRUCTIONS Use this template to write your outline. Enter your own information in place of the explanations provided. This outline is used to your speech ideas on paper. Do not use this as...
-
After taking this course do you believe your interpersonal communication will improve or remain the same?
-
The study of leadership tends to revolve around individuals, but it is generally recognised that leadership does not reside in a single person. Rather leadership is the product of a range of issues...
-
For liquid water the isothermal compressibility is given by; where r and b are functions of temperature only. If 1 kg of water is compressed isothermally and reversibly from I to 500 bar at 60(C. how...
-
What problem arises when cost driver rates are based on planned or actual short-term usage?
-
For each of the following units, identify whether the most appropriate responsibility center form is a cost center, a profit center, or an investment center and why you have made that choice. a. A...
-
What is the difference between process and product layout systems?
-
This question is an extension of Exercise 10.22. Consider the data file \(m r o z\) on working wives and the model \(\ln (W A G E)=\beta_{1}+\beta_{2} E D U C+\beta_{3} E X P E R+e\). Use the 428...
-
Consider the data file \(m r o z\) on working wives. Use the 428 observations on married women who participate in the labor force. In this exercise, we examine the effectiveness of alternative...
-
To examine the quantity theory of money, Brumm (2005) ["Money Growth, Output Growth, and Inflation: A Reexamination of the Modern Quantity Theory's Linchpin Prediction," Southern Economic Journal,...
Study smarter with the SolutionInn App