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 job order costing system. Inventories Raw materials Work in process Finished goods $42,00 9,888 57,88a 56,080 18,888 34,683 Activities and infornation for Nay Ras naterials purchases (paid with cash) Factory payroll (paid with cash) Factory overheed 176,800 188,900 Indirect materials Indirect labor Other averhead costs 23,880 112,500 Sales (received im cash Predeternined overhead rate based on direst: Labor cost te the following amoucts forese mont May using Tosssnts

Solution

Raw materials Work in Process RM-April-30 42000 WIP-April-30 9800 RM-Purchases 176000 DM used 146000 16000 Indirect materials DL used 77000 146000 DM used Overhead applied 42350 256350 Cost of goods manuf. RM-May 31 56000 WIP-May-31 18800 Factory Payroll Finished Goods Factory Payroll 100000 FG-April-30 57000 23000 Indirect labor Cost of goods manuf. 256350 77000 DL used 278750 Cost of goods sold FG-May 31 34600 Factory Overhead Indirect materials 16000 42350 Overhead applied Indirect labor 23000 Other overhead costs 112500 Underapplied OH 109150 Income statement(Partial) Sales 1000000 Cost of goods sold 387900 Gross Profit 612100