[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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 a
job order costing system.
April 30
May 31
Inventories
Raw materials
40,000
19,300
33,200
24
$32,000
9,800
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
55,000
189,000
250,000
14,000
57,500
102,000
1,200,000
Indirect labor
Other overhead costs
Sales (received in cash)
Predetermined overhead rate based on direct labor cost
55%
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd04091bf-ef16-4edf-af68-771d2ae33333%2Fdd468849-be23-4f14-945d-819268f72279%2Fpdx4h0j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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
40,000
19,300
33,200
24
$32,000
9,800
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
55,000
189,000
250,000
14,000
57,500
102,000
1,200,000
Indirect labor
Other overhead costs
Sales (received in cash)
Predetermined overhead rate based on direct labor cost
55%
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
Transcribed Image Text:14,000
57,500
102,000
1,200,000
558
Indirect materials
Indirect labor
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.
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 30
32,000
14,000 Indirect materials
April 30
9,800
RM purchases
189,000
DM used
DM used
14,000
DL used
Overhead applied
102,000
207,000
May 31
125,800
Finished Goods (FG) Inventory
Factory Overhead
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