Required information The following information applies to th

Required information [The following information applies to the questions displayed belowj The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 36e May 31 Inventories Raw materials Work in process Finished goods $39,00 52,000 19,400 33,000 9,100 60,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 172,000 100,000 Indirect materials Indirect labor Other overhead costs 13,000 23,000 109,500 1,500,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 55%

Solution

1) Raw materials

  

2) Factory Payroll

3) Work in Process

4) Finished Goods

5) Income statement

Sales = 1,500,000

Less: Cost of goods sold = (308050)

Gross profit = 1191950

6) Factory Overhead

Raw mat Apr 30	39000	Direct materials used (b/f)	146000
Raw material purchases	172000	Indirect materials	13000
		Raw materials May 31	52000
	211000		211000