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 Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $43,000 9,700 62,000 59,000 18,900 34,200 $ 187,000 150,000 12,000 34,500 112,000 1,700,000 55% Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Income statement (partial) $ *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Record other Factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record the application of overhead to work in process. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 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 materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $43,000 9,700 62,000 59,000 18,900 34,200 $ 187,000 150,000 12,000 34,500 112,000 1,700,000 55% Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Income statement (partial) $ *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Record other Factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record the application of overhead to work in process. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 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 materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $43,000 9,700 62,000 59,000 18,900 34,200 $ 187,000 150,000 12,000 34,500 112,000 1,700,000 55% Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Income statement (partial) $ *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Record other Factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record the application of overhead to work in process. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 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 materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials $43,000 9,700 62,000 59,000 18,900 34,200 $ 187,000 150,000 12,000 34,500 112,000 1,700,000 55% Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Record the entry to assign indirect materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record the entry to assign direct materials to jobs. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Income statement (partial) $ *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Record other Factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record the application of overhead to work in process. Note: Enter debits before credits. Transaction General Journal Debit Credit 2

Answer rating: 100% (QA)

Raw Materials RM RM April 30 43000 RM purchases 187000 12000 Indirect materials 159000 DM used RM Ma... View the full answer