Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials Work in process Finished goods $49,000 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. < Prev 4 of 7 H $ 50,000 18,300 34,800 173,000 200,000 11,000 46,000 105,000 1,700,000 55% Next >

Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials Work in process Finished goods $49,000 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. < Prev 4 of 7 H $ 50,000 18,300 34,800 173,000 200,000 11,000 46,000 105,000 1,700,000 55% Next >

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Description: Required information[The following information applies to the questions displayed below.]The following information is available for Lock-Tite Company, which produces special-order security products and uses ajob order costing system.April 30May 31In

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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Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,500 $1,900 430 3,500 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $704,490. b. Materials requisitioned, $591,770, of which $76,930 was for general factory use. c. Factory labor used, $725,620, of which $137,870 was indirect. d. Other costs incurred on account for factory overhead, $169,080; selling expenses, $260,660; and administrative expenses, $154,990. e. Prepaid expenses expired for factory overhead were $32,410; for selling expenses, $27,480; and for administrative expenses, $19,730. f. Depreciation of factory equipment was $32,410; of office equipment, $47,910; and of office building, $94,400. g. Factory overhead costs applied to jobs, $401,560. h. Jobs completed, $929,930. i. Cost of goods sold, $901,750. Required: Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require…
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What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,150 Raw materials $ 3,750 Work in process 15,150 Finished goods 19,150 38,050 Property, plant, and equipment (net) 229,150 Total assets $277,350 Liabilities and Stockholders’ Equity: Accounts payable $ 15,075 Retained earnings 262,275 Total liabilities and stockholders’ equity $277,350 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,150 (2) Raw materials used in production (direct materials) $ 50,150 (3) Raw materials used in production (indirect materials) $ 7,075 (4) Direct labor paid in cash $ 95,150 (5) Indirect labor paid in cash $ 25,150 (6) Selling and administrative salaries paid in cash $ 30,150 (7)…
Please help with the uncompleted (attached). Drawing a blank.
1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Complete this question by entering your answers in the tabs…
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Subject: accounting
Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?