The following information is available to Lock-Tite Company, which produces security products to special order and uses
Fantastic news! We've Found the answer you've been seeking!
Question:
The following information is available to Lock-Tite Company, which produces security products to special order and uses a job costing system.
April 30th | may 31 | ||||||
inventories | |||||||
Raw Materials | ps | 42,000 | ps | 41,000 | |||
Work in progress | 9,100 | 19,900 | |||||
Finished products | 50,000 | 33,800 | |||||
Mayo activities and information | |||||||
Raw material purchases (paid in cash) | 196,000 | ||||||
Factory payroll (cash payment) | 300.000 | ||||||
Factory overhead | |||||||
indirect materials | 16,000 | ||||||
indirect work | 69,000 | ||||||
Other general expenses | 108,000 | ||||||
Sales (received in cash) | 1,700,000 | ||||||
Default overhead rate based on direct labor cost | 55 | % | |||||
Calculate the following amounts for the month of May using T accounts.
Cost of direct materials used.
Cost of direct labor used.
Cost of manufactured goods.
Cost of goods sold.
Gross profit.
Over-applied or under-applied indirect costs.
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date: