Chapter 19, Problem 10E

Exercise 19-10
Journal entries for overhead P3
Use information in Exercise 19-7 to prepare journal entries for the following events for the month of May.

1. Incurred other overhead costs (record credit to Other Accounts).
2. Applied overhead to work in process.
Exercise 19-7
Cost flows in a job order costing system
P1 P2 P3 P4
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.

Compute the following amounts for the month of May.

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.

Check (3) $625,400