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. April 30 May 31 Inventories $ 49,000 9,700 60,000 59,000 19,100 34,400 Raw materials %24 Nork in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payrol1 (paid with cash) Factory overhead 197,000 150,000 Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 15,000 34,500 93,500 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 $ 49,000 9,700 60,000 59,000 19,100 34,400 Raw materials %24 Nork in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payrol1 (paid with cash) Factory overhead 197,000 150,000 Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 15,000 34,500 93,500 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

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RawMaterials RM April 30 RM Purchases 49000 197000 15000 Indirect Materials 172000 Direct Materi... View the full answer