### 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%

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1E: Transactions in a job order cost system Five selected transactions for the current month are...

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No. Date Account Titles and Explanation (a) Jan. 31 (b) Jan. 31 Factory Labor Salaries and Wages Payable Work in Process Inventory Manufacturing Overhead Salaries and Wages Payable |||||| Debit 108000 97200 10800 Credit 108000 108000
PoF bussiness stats bool.pdf cost accounting book.pdf E Chapter 1.pdf x + PRE PDF O File | C:/Users/RASAB/Downloads/Chapter%201%20.pdf P1-8 Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: LO7 a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 ..... 2,100 For general work in the factory 2,250 d. Miscellaneous factory overhead costs on account ... $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 ... 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to…
Subject : Accounting
* CengageNOWv2 | Online te x My Questions | bartleby keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false * 司 Upd Print Item Rene is working with the operations manager to determine what the standard labor cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what each employee does. The first employee selects and mills the wood, so it is smooth on all four sides. This takes the employee 1 hour for each chest. The next employee takes the wood and cuts it to the proper size. This takes 30 minutes. The next employee assembles and sands the chest. Assembly takes 2 hours. The chest then goes to the finishing department. It takes 1.5 hours to finish the chest. All employees are cross-trained so they are all paid the same amount per hour, $19.60. A. What are the standard hours per chest? Standard hour per chest hours B. What is the standard cost per chest for labor? Round your answer to two decimal places.…
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SQU PORTAL ATTENDANCE مكتبات الجامعة - خدمات التعلم الإلكترونی SQU E الوقت المتبقي 2:03:28 A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on labor-hours. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $120,000 and 10,000 labor-hours. The job sheet of Job1112 shows that the number of units produced in this job order I Wahaibi is 5 units. This job required 500 labor-hours and incurred direct materials cost of $5,000 and direct labor costs of $15,500. The unit product cost for 7423 :Job1112 is $28,100 .a O $5.300 b O $6.000 c O $26.500 d C None of the given answers
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Required information Problem 19-3A (Algo) Computing and recording job costs; preparing income statement and balance sheet LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Bergo Bay's accoung system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Debit $ 76,000 Credit 45,000 27,500 Work in process inventory 0 Finished goods inventory 15,000 Prepaid rent 5,000 Accounts payable $ 9,000 Notes payable 12,000 Common stock 50,000 Retained earnings (prior year) 78,000 Sales 213,500 Cost of goods sold 116,000 Factory overhead 27,000 General and administrative 51,000 expenses $ $ Totals 362,500 362,500 These six documents must be processed to bring the accounting records up to date.…
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engageNOWv2 | Online teachin X + _com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress.... A E At the end of April, Cavy Company had completed Jobs 765 and 766. The individual job cost sheets reveal the following information: Job Direct Materials Direct Labor Machine Hours Job No. 765 $8,400 30 $2,520 4,698 Job No. 766 14,877 87 Job 765 consisted of 180 units, and Job 766 consisted of 261 units. Assuming that the predetermined factory overhead rate is applied by using machine hours at a rate of $95 per hour. a. Determine the balance on the job cost sheets for each job. Job 765 Job 766 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent. Job 765 Job 766 a 118 D -F10 Previous Next > D
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. April 30 May 31 Inventories Rav materials Work in process $37,000 9,100 65,000 51,000 20,300 34,500 Finished goods Activities and information for May Rav materiale purchases (paid with cash) Factory payroll (paid with cash) 177,000 200,000 Factory overhead 12,000 Indirect materials Indirect labor 46,000 Other overhead costs 103,500 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 554 Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 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 of goods manufactured 4. Cost of goods sold." 5. Gross profit. 6.…
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