=== Wrap T Paste BIU Or A Merge B E A25 - XV fx D Exercise 15-7 Cost flows in job order costing CP CP2 P3 P4 5 The following information is available for Lock-Tite Company, which produces special-order securit 5 products and uses a job order costing system. 8 April 30 May 31 9 10 Inventories Raw materials $43,000 $ 52,000 Work in process 12 10,200 21,300 Finished goods 63,000 35,600 13 Activities and Information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead 17 Indirect materials 15,000 Indirect labor 80,000 18 Other overhead costs 120,000 19 Sales (received in cash) 1,400,000 20 Predetermined overhead rate based on direct labor cost 70% 23 22 1. Calculate the cost of materials used and prepare journal entries to record May costs. 23 24 Direct materials used (show and label all calculations: 25 26 27 28 29 30 Direct materials used Self-check 31 32 DEBIT CREDIT 33 a. Record Row Material purchases 34 raw materials 43,000 35 Raw materials pruchased 43,000 35 37 b. Record indirect materials 38 39 40 41 c. Record direct materials used 42 Sheet1 + Ready