Question

History Bookmarks People Tab Window Help Content- Principles of Accour x O (22) Selena Gomez and Justin O PowerPoint Presentation +. x nouse.edu/bbcswebdav/pid-458821-dt-content-rid-1583241 1/courses/43848.20201/43848.202001 ImportedContent 20.- The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order cost accounting system. April 30 $43,000 10,200 63,000 May 31 $52,000 21,300 35,600 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 210,000 345,000 15,000 80,000 120,000 1,400,000 70% 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 syllabus princ.docx A Lesson 02.pptx %23 %24 6. 4. н

Answer 1

»Answer Comput9ti-9. of given..9m049 ls_by_48493I__accounts - Lock Tite_company To accounts Raw 43000 to_Opening Balance 010 To Cash Ale _CRM Ruchised) 210000 Materials B4 Factory overheal S1: Mateuja]] | Woods of Work in process_(RM) used | | 186000 (balancing figure] | By Closing Balance cld 52000 253660 23000 Work in process To Opening_Bala9.ce old 10200 | By_finished Goods Cool Figuve) 6254001 #To Raw matelyts used - 186000 foot of Goods Magufyctuels To fachovyPayroll Vred | 265000 | By Cloring Bolagce cl |21300 to factory over hegd Applied | 185500 1646700 - 6 46700 ----------- Factory Payroll 345000 by factory overheads ( Indirect laboun) By Nork in Process To Gsh Al (Payroll) yoooo 265000 Payroll used Ceyloading Flyyne) 345000 34,000

652300 35609 678450 - Finished Goods To Balance bld 69000 Loy cast of Goods soll To Work-1.2--Plocess 625400 t Coqlance figte) - 10489899ce.cld 688400 factory overhead To Raw Mateigts (1. Marejel] 15000 To Fyslovy Payroll (I. Labex) | 80000 | Coverhead Applied) To Gsh Al cother oh costs120000 (70% of $265.00) og under applied overhead Bal cl ك ونتلملہمل 1125500 I 29500 215000 21500 (Partial) Income Statement Particulars - Sales Amt. 82 1400000 ©$2800) r! Cost of Gools sold Gross Profit 747200 I. The arwens que - > 1) Cost of Direct Materials Used 2) art of airect Labour Used 3) cost of Goods Manufactured — 4 cast of Goods sold - s Gross Profit - ) vaderapplied overhead — $ 186000 $ 265000 $ 625400 $$ 652200 $ 747200 $ 29500