The following Information Is avallable for Lock-Tite Company, which produces special-order security products and uses aJob order costing system.April 30May 31InventoriesRaw materialsWork in processFinished goodsActivities and information for MayRaw materials purchases (paid with cash)Factory payroll (paid with cash)Factory overheadIndirect materialsIndirect laborother overhead costsSales (received in cash)Predetermined overhead rate based on direct labor cost$4$32,0009,50056,00035,00020,80033,500190, еве150,0009,00034,500109,0001, 100,00055%1. Incurred other overhead costs (record credit to Other Accounts).2. Applled overhead to work In process.Prepare journal entrles for the above transactions for the month of May.View transaction listJournal entry worksheetABRecord other Factory overhead costs (excluding indirect materials and indirectlabor). Record credit to Other Accounts.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal

Solution: Event Account titles Debit Credit 1 Factory overhead 109000 To…

Answered: other overhead costs 109, e00 1,100,…

other overhead costs 109, e00 1,100, 000 55% Sales (received in cash) Predetermined overhead rate based on direct labor cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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