[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 | ||||||
Inventories | |||||||
Raw materials | $ | 29,000 | $ | 52,000 | |||
Work in process | 9,200 | 18,000 | |||||
Finished goods | 50,000 | 34,000 | |||||
Activities and information for May | |||||||
Raw materials purchases (paid with cash) | 177,000 | ||||||
Factory payroll (paid with cash) | 150,000 | ||||||
Factory overhead | |||||||
Indirect materials | 9,000 | ||||||
Indirect labor | 34,500 | ||||||
Other overhead costs | 118,000 | ||||||
Sales (received in cash) | 1,100,000 | ||||||
Predetermined overhead rate based on direct labor cost | 55 | % | |||||
Prepare journal entries for the above transactions for the month of
May.
General Journal | Debit | Credit | |
Factory overhead | 118000 | ||
Other accounts | 118000 | ||
Work in Process inventory | 63525 | =(150000-34500)*55% | |
Factory overhead | 63525 |
[The following information applies to the questions displayed below.] The following information is available for Lock-Tite...
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 Inventories Raw materials $ 29,000 $ 52,000 Work in process 9,200 18,000 Finished goods 50,000 34,000 Activities and information for May Raw materials purchases (paid with cash) 177,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 9,000 Indirect labor 34,500 Other overhead costs...
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 $ 29,000 $ 52,000 Work in process 9,200 18,000 Finished goods 50,000 34,000 Activities and information for May Raw materials purchases (paid with cash) 177,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 9,000 Indirect labor 34,500 Other overhead costs 118,000 Sales (received in cash) 1,100,000 Predetermined overhead rate based on...
[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 Inventories Raw materials $ 29,000 $ 38,000 Work in process 9,600 18,800 Finished goods 65,000 33,600 Activities and information for May Raw materials purchases (paid with cash) 190,000 Factory payroll (paid with cash) 300,000 Factory overhead Indirect materials 17,000 Indirect labor 69,000 Other overhead costs 97,500 Sales...
[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 Inventories Raw materials $ 29,000 $ 38,000 Work in process 9,600 18,800 Finished goods 65,000 33,600 Activities and information for May Raw materials purchases (paid with cash) 190,000 Factory payroll (paid with cash) 300,000 Factory overhead Indirect materials 17,000 Indirect labor 69,000 Other overhead costs 97,500 Sales...
[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 $ $41,000 9,200 57,000 56,000 18,500 34,700 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...
[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 Inventories Raw materials $ 38,000 $ 32,000 Work in process 9,400 19,700 Finished goods 50,000 34,900 Activities and information for May Raw materials purchases (paid with cash) 186,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 14,000 Indirect labor 23,000 Other overhead costs 113,500 Sales...
[The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security job order costing system. April 30 May 31 $ $36,000 9,000 60,000 48,000 18,800 33,100 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...
[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)...
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 $ 29,000 $ 56,000 Work in process 9,500 20,600 Finished goods 63,000 34,500 Activities and information for May Raw materials purchases (paid with cash) 172,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 10,000 Indirect labor 34,500 Other overhead costs 114,500 Sales (received in cash) 1,700,000 Predetermined overhead rate based on...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. 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 $ 29,000 $ 56,000 Work in process 9,500 20,600 Finished goods 63,000 34,500 Activities and information for May Raw materials purchases (paid with cash) 172,000 Factory payroll (paid with cash) 150,000 Factory overhead...