Question

i need some help please

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 $ $49,800 9,709 58,000 42,000 18,588 34,900 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 198,000 100, eee 16,000 23,000 91,500 1,500,000 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.

Answer 1

Raw Materials					Work in process
RM - April 30	$             49,000	$       16,000	Indirect materials		WIP - April 30	$           9,700	$     2,99,550	Cost of goods manufactured
RM Purchases	$         1,98,000	$   1,89,000	DM used		DM used	$     1,89,000
					DL used	$         77,000
					Overapplied	$         42,350
RM - May 31	$             42,000				WIP - May 30	$         18,500
Finished Goods					Factory overhead
FG - April 30	$             58,000	$   3,22,650	Cost of Goods Sold		Indirect material	$         16,000	$        42,350	Overhead applied
Cost of goods manufactured	$         2,99,550				Indirect labor	$         23,000
					Other overhead cost	$         91,500
Finished goods - May 31	$             34,900					$         88,150
Income statement					Factory Payroll
Sales	$       15,00,000				Factory Payroll	$     1,00,000	$        23,000	Indirect labor
Less: Cost of goods sold	$        -3,22,650						$        77,000	DL used
Gross Profit	$       11,77,350