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The following information is available for Lock-Tite Company, which produces special-order security products and uses a...

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 $ 28,000 $ 33,000
Work in process 9,700 20,500
Finished goods 68,000 34,400
Activities and information for May
Raw materials purchases (paid with cash) 180,000
Factory payroll (paid with cash) 150,000
Factory overhead
Indirect materials 12,000
Indirect labor 34,500
Other overhead costs 98,000
Sales (received in cash) 1,600,000
Predetermined overhead rate based on direct labor cost 55 %
  1. Direct labor usage.
  2. Indirect labor usage.
  3. Total payroll paid in cash.

Prepare journal entries for the above transactions for the month of May.

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ekkarill92 answered 1 year ago
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