Question

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 Part 1 of 2 $ $32,000 9.200 60,000 46,00 19,49 33, 30 5.55 points Inventories Raw materials Work in process Finished stoods 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 Tabor cost 191, 150,000 17,000 34, seg 103,500 2,000,000 55% Compite the following amounts for the month of May using Tacxints Deterend 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 overheat Work in Process (WIP) Raw Materials (HM)

please explain how me and a friend are stumped working on this even using others answers as a reference here.

Answer 1

Raw Materials					Work in process
RM - April 30	$             32,000	$       17,000	Indirect materials		WIP - April 30	$           9,200	$     3,28,825	Cost of goods transferred
RM Purchases	$         1,91,000	$   1,60,000	DM used		DM used	$     1,60,000
					DL used	$     1,15,500
					Overhead applied	$         63,525
RM - May 31	$             46,000				WIP - May 30	$         19,400
Factory wages Payable					Finished Goods
Cash	$         1,50,000	$       34,500	Indirect labor		FG - April 30	$         60,000	$     3,55,525	Cost of Goods Sold
		$   1,15,500	DL used		Cost of goods transferred	$     3,28,825
Balance	$                      -
Factory overhead					Finished goods - May 31	$         33,300
Indirect material	$         1,60,000	$       63,525	Overhead applied
Indirect labor	$             34,500				Income statement
Other overhead cost	$         1,03,500				Sales	$   20,00,000
					Less: Cost of goods sold	$   -3,55,525
Balance	$         2,34,475				Gross Profit	$   16,44,475
					Cost of goods transferred	$     3,28,825
					Cost of goods sold	$     3,55,525

Function - Used - Time Function Library Reference Trigº Functions Manager Create from Selection Defined Names Remove Arrows" Remove Arrows Evaluate Formula Window Formula Auditing L26 A G 1 fic B C D Raw Materials 17000 Indirect materials =B2+B3-C2-B6 DM used H Work in process =SUM(G2:65)-G6 Cost of goods transf 2 RM - April 30 3 RM Purchases 32000 191000 4 5 WIP - April 30 DM used DL used Overhead applied WIP - May 30 9200 =C3 =C10 =C14 19400 6 RM - May 31 46000 8 9 Cash 10 11 Balance Factory wages Payable 150000 34500 =B9-C9 Finished Goods =SUM(G9:G10)-G13 Cost of Goods Sold Indirect labor DL used FG - April 30 60000 Cost of goods transferred =H2 12 Finished goods - May 31 33300 Overhead applied 13 Factory overhead 14 Indirect material =C3 =C10*0.55 15 Indirect labor =C9 16 Other overhead cost 103500 17 18 Balance =SUM(B14:B16)-C14 19 Sales Less: Cost of goods sold Gross Profit Income statement 2000000 --H9 =SUM(G16:G17) Cost of goods transferred =G10 Cost of goods sold =H9 25 26