Question

Required information [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 $ $ 31,000 9,500 58,000 30,000 19, 100 33, 700 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 178,000 100,000 9,000 23,000 94, 000 1, 100, 000 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. 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.

Answer 1

To Cash Ale 23000 00 - Factory Pq youll Ale (Payroll) 100000 By Factory overhead (Indirect labour | By Work-19-Access 77002 t Payroll Used (Bal figure) 10000 TOUJO Income statement (Partia) Sales Cost of Gools sold 1100000 (364050) 795 950 Gross ewfit The gaswers are 1 2. 3 4 s 6 Gst of pirect Material User Cost of Direct Labour Used Cest of Goods Many faclywed Git of Goods sold Gross Profit underapplied overhead $ 170000 77000 2797.50 304050 795950 8650