need answer for all with all work thanks Required informationUse the following information to answer questions[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.InventoriesRaw materialsWork in processFinished goodsActivities and information for MayRaw materials purchases (paid with cash)Factory payroll (paid with cash)Factory overheadIndirect materialsIndirect laborOther overhead costs.Sales (received in cash)Predetermined overhead rate based on direct labor costApril 30$41,0009,90057,000May 3149,00020,80034,500193,000100,0008,00023,000100,5002,000,00055% Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4Compute the following amounts for the month of May using T-accounts.1. Cost of direct materials used.2. Cost of direct labor used.3. Cost of goods manufactured.4. Cost of goods sold."5. Gross profit.6. Overapplied or underapplied overhead."Do not consider any underapplied or overapplied overhead.April 30RM purchasesMay 31Raw Materials (RM)41,000193,00049.0008,000 indirect materials177,000 DM usedApril 30DM usedDL usedOverhead appliedMay 31Work in Process (WIP)9,900177,00077,000263,900Cost of goods manufApril 30Cost of goods manufMay 31Finished Goods (FG) Inventory57,000SalesCost of goods soldGross profit57,000Income statement (partial)$ 2,000,000$ 2 000 000Cost of goods soldIndirect matenalsIndirect laborOther overhead costsUnderapplied OHFactory Overhead8.00023,000100,500131,500Overhead applied

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Required information Use the following information to answer questions [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. Inventories Raw materials. Work in process Finished goods 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 April 30 $41,000 9,900 57,000 S May 31 49,000 20,800 34,500 193,000 100,000 8,000 23,000 100,500 2,000,000 55%

Required information Use the following information to answer questions [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. Inventories Raw materials. Work in process Finished goods 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 April 30 $41,000 9,900 57,000 S May 31 49,000 20,800 34,500 193,000 100,000 8,000 23,000 100,500 2,000,000 55%

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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