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. 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 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost April 30 $ 28,000 9,400 68,000 $ May 31 40,000 20,300 34,600 189,000 250,000 12,000 57,500 107,500 1,400,000 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. *Do not consider any underapplied or overapplied overhead. The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. 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 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost April 30 $ 28,000 9,400 68,000 $ May 31 40,000 20,300 34,600 189,000 250,000 12,000 57,500 107,500 1,400,000 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. *Do not consider any underapplied or overapplied overhead.
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To compute the requested amounts using Taccounts we need to analyze the changes in the inventory accounts and record the corresponding cost flows Lets ... View the full answer
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