Question

CH 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 $ $35,000 9,600 68,000 46,000 20,300 34,100 174,000 200,000 Inventories 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 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 7,000 46,000 110,500 1,200,000 55% Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4

i need it as soon as possible. please check raw materials and add something is needed. i need it in exact form as it’s shown

Answer 1

Raw Materials (RM) RM-Apsul 30 $35,000 RM purch $174,000 Oses ! I work in Process (WP) WIP- April 30 & 9,600 DM used $156,000 Cost of IDL used $154,000 $384,000 goods manu Overhead $ 84,700 applied WIP-May 31 $ 20,300 $7,000 Indonect materials $156,000 DM used RM-May3) $46,000 finished Goods (FG) factory Overhead fGl-April30 $ 68,000 Cost of Overhead Indirect $7,000 $ 84,700 applied materials Indirect $46,000 labor other overhead costs $110, 500 Underapplied $78,800 goods manoy: $384,00D $4/7,900 Goodisold FG-may 31 & 34,100 Income statement Partial) $1,200,000 Sales Cost of Grass goods sold profit & 417,900 $ 782100

Calculation: 11 Cost of direct materials used beginning raio materials inventory Add! Purchases Raw materials available $ 35,000 $ 174,000 Less! Ending raw materials inventory Total raw materials used Indirect materials used Cost of direct materials used $ 209,000 $ 46,000 $ 163,000 $ 7,000 $ 156,000 Leasi 2. Cost of direct labor used Total factory payroll $200,000 Less : Indirect labor $ 46,000 Cost of direct labor used $154,000 3. Cost of goods manufactured Beginning work in process invent- ory Add: Direct materials $156,000 Add: Direct labore $154,000 Add: overhead applied 55%)of direct labor cost) $ 84,700 Total cost of work in process & 404, 300 Less: Ending work in process inventory & 20,300 Cost of goods manufactured $384,000

14. Cost of goods sold Beginning finished goods inventory Addi Cost of goods manufactured hess : Ending finished goods inventory cost of goods sold $ 68,000 $384,000 $ 34,100 $417,900 5. A Gрноді рrоt sales cost of goods sold Gross profit Less $1,200,000 & 417,900 $ 782100 16. Actual overhead incurred Indirect materials & 7,000 Indirect labor $ 46,000 Other overhead costs $ 110,500 Total actual overhead incurred $163,500 Overhead applied $(84,700) Underapplied overhead & 78, 800