Can you please check my work [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 31InventoriesRaw materials40,00019,30033,20024$32,0009,800Work in processFinished goodsActivities and information for MayRaw materials purchases (paid with cash)Factory payroll (paid with cash)Factory overheadIndirect materials55,000189,000250,00014,00057,500102,0001,200,000Indirect laborOther overhead costsSales (received in cash)Predetermined overhead rate based on direct labor cost55%Compute the following amounts for the month of May using T-accounts.1. Cost of direct materials used.2. Cost of direct labor used.factured 14,00057,500102,0001,200,000558Indirect materialsIndirect laborOther overhead costsSales (received in cash)Predetermined overhead rate based on direct labor costCompute 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.ces*Do not consider any underapplied or overapplied overhead.Raw Materials (RM)Work in Process (WIP)April 3032,00014,000 Indirect materialsApril 309,800RM purchases189,000DM usedDM used14,000DL usedOverhead applied102,000207,000May 31125,800Finished Goods (FG) InventoryFactory Overhead

Cost of direct materials used = Raw materials, April 30 + Raw material purchased - Raw materials,…

[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 40,000 19,300 33,200 2$ $32,000 9,800 55,000 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 189,000 250,000 14,000 57,500 102,000 1,200,000 558 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used.

[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 40,000 19,300 33,200 2$ $32,000 9,800 55,000 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 189,000 250,000 14,000 57,500 102,000 1,200,000 558 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used.

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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