### 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 | $49,000 | $50,000 || Work in process | $9,600 | $18,300 || Finished goods | $64,000 | $34,800 || **Activities and information for May** | | || Raw materials purchases (paid with cash) | | $173,000 || Factory payroll (paid with cash) | | $200,000 || **Factory overhead** | | || Indirect materials | | $11,000 || Indirect labor | | $46,000 || Other overhead costs | | $105,000 || Sales (received in cash) | | $1,700,000|| Predetermined overhead rate based on direct labor cost | | 55% |### Instructions:1. **Raw materials purchases for cash.**2. **Direct materials usage.**3. **Indirect materials usage.****Task:**Prepare journal entries for the above transactions for the month of May.#### Explanation Interpretation for Graph or Diagram:In this context, there are no graphs or diagrams included. The provided table details the inventory levels, activities, and financial transactions for Lock-Tite Company across the months of April and May. This information will be used to prepare specific journal entries for May based on raw materials purchases, direct materials usage, and indirect materials usage. ### Journal Entry Worksheet**Record raw material purchases for cash.**#### Instructions1. **Enter debits before credits.**#### Table Structure- **Columns:** - **Transaction**: Indicates the transaction number. - **General Journal**: Area to input the description of the transaction entries. - **Debit**: Enter the amount that needs to be debited. - **Credit**: Enter the amount that needs to be credited. - **Inputs:** - **Transaction Number**: Sequential number of the transaction. In this example, it starts with "1". - **General Journal Entries**: Text entries for transaction details. - **Debit Amounts**: Numerical values representing the debit part of the transaction. - **Credit Amounts**: Numerical values representing the credit part of the transaction.#### Buttons- **Record Entry**: Use this button to save the journal entry.- **Clear Entry**: Use this button to clear all the entered data from the worksheet.- **View General Journal**: Use this button to view the compiled general journal entries.#### Navigation- **Pagination**: - **Prev**: Move to the previous page. - **Page Numbers**: Shows the current page (e.g., 3) and the total number of pages (e.g., 7). - **Next**: Move to the next page.This worksheet is a digital form used to record and organize financial transactions in an accounting system.

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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 a job order costing system.|

Raw material inventory is the goods available with the entity in raw form. These are usually used by…

Business

Accounting

[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 $49,000 Work in process Finished goods 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. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. $ 50,000 18,300 34,800 173,000 200,000 11,000 46,000 105,000 1,700,000 55%

[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 $49,000 Work in process Finished goods 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. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. $ 50,000 18,300 34,800 173,000 200,000 11,000 46,000 105,000 1,700,000 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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Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $182,400. Estimated direct labor cost was $446,500 for 19,000 hours. Actual costs for the most recent month are summarized here: Total Item Description Direct labor (1,900 hours) Cost $44,651 Indirect costs Indirect labor 2,460 3,440 3,370 4,750 Indirect materials Factory rent Factory supervision Factory depreciation Factory janitorial work Factory insurance General and administrative salaries 5,730 1,150 1,890 4,200 5,370 Selling expenses
Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $22,280. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,230 $1,860 302 2,720 2,510 303 1,810 1,230 304 6,110 4,610 305 3,880 3,520 306 2,830 2,230 For general factory use 760 2,750 Factory overhead costs incurred on account, $4,260. Depreciation of factory machinery and equipment, $1,320. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 16 302 26 303 43 304 84 305 42 306 25 Total 236 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $5,960; Job 302, $7,990; Job 303, $15,670. Required: 1. Journalize the entries to record the summarized operations. If an amount box…
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 $ 44, 000 $ 58,000 Work in process 10,000 20, 200 Finished goods 61,000 33, 700 Activities and information for May Raw materials purchases (paid with cash) 189, 000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 15, 000 Indirect labor 57, 500 Other overhead costs 93, 500 Sales (received in cash ) 1,900,000 Predetermined overhead rate based on direct labor cost 55% Raw materials purchases for cash. Direct materials usage. Indirect materials usage. Prepare journal entries for the above transactions for the month of May.
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 $ 38,000 $ 39,000 Work in process 9,500 18,700 Finished goods 67,000 34,000 Activities and information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 320,000 Factory overhead Indirect materials 10,000 Indirect labor 72,000 Other overhead costs 106,500 Sales (received in cash) 1,000,000 Predetermined overhead rate based on direct labor cost 55 % 2. Required information Compute 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…
Sandra 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 January 1 appears below: Sandra Corporation Balance Sheet January 1 Assets: Cash $ 17,950 Raw materials $ 7,950 Work in process 11,950 Finished goods 16,950 36,850 Property, plant, and equipment (net) 218,950 Total assets $273,750 Liabilities and Stockholders' Equity: Retained earnings $273,750 Total liabilities and stockholders' equity $273,750 Summaries of the transactions completed during January appear below: (1) Raw materials purchased for cash $ 81,950 (2) Raw materials used in production (direct materials) $ 64,950 (3) Raw materials used in production (indirect materials) $ 10,475 (4) Direct labor paid in cash $ 77,950 (5) Indirect labor paid in cash $ 21,950 (6) Selling and administrative salaries paid in cash $ 39,950 (7) Factory utility costs paid in…
[The following information applies to the questions displayed below.] Capri Boat Corporation uses a job order cost system and applies overhead based on a percentage of direct labor cost. Cost flows through the Work in Process Inventory account during March are given below: Work in Process Beginning Balance 0 Transferred Out 224,500 Direct Materials 56,000 Direct Labor 99,000 Overhead 148,500 Ending Balance 79,000 Only Job #007 was still in process at the end of March and this job had been charged with $26,000 in direct materials cost. The amount of direct materials cost charged to completed jobs during March was: Multiple Choice
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The journal entry to record the Labor Time Tickets includes a debit to the Manufacturing Overhead account of what dollar amount? Materials Labor Requisition Time For Slips Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000 Sub-Total 12,500 16,000 General Use 1,000 1,500 Total Cost $ 13,500 17,500 $17,500 $1,500 $16,000 $13,500
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What is the ending balance in Work in Process?
What was the amount of direct materials charged to Job 17 as at the end of June?