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ndix D & Chapters 1-3 Saved Help Required information [The following information applies to the questions...


ndix D & Chapters 1-3 Saved Help Required information [The following information applies to the questions displayed below) Th
pendix D & Chapters 1-3 TOERNOR ANOTANNON Orann Required information Do not consider any underappied or overappreu uverneau.
ndix D & Chapters 1-3 Saved Help 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 $36,000 $ 48,000 Work in process 9,000 18,800 Finished goods 60,000 33, 100 Activities and information for May Raw materials purchases paid with cash) 194,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 14,000 Indirect labor 46,000 Other overhead costs 93,000 Sales (received in cash) 1,300,000 Predetermined overhead rate based on direct labor cost 550 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.
pendix D & Chapters 1-3 TOERNOR ANOTANNON Orann Required information Do not consider any underappied or overappreu uverneau. Work in Process (WIP) Cost of goods manut April 30 RM purchases Raw Materials (RM) 36,000 48,000 indirect materials 194,000 DM used April 30 IDM used IDL used Overhead applied May 31 0 182.000 Factory Overhead 1:22:11 Finished Goods (FG) Inventory 0 Income statement (partial) $
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ReportAnswer #1
Raw Materials (RM)
RM - April 30                                                   36,000
RM purchases                                                 194,000
         14,000 Indirect materials
       168,000 DM used
RM- May 31                                                   48,000
Direct Labor
Factory payroll                                                 200,000
         46,000 Indirect labor
       154,000 DL used
                                                          -  
Factory Overhead
Indirect materials                                                   14,000
Indirect labor                                                   46,000
Other overhead costs                                                   93,000
         84,700 Overhead applied
Underapplied OH                                                   68,300
Work in Process (WIP)
GIP - April 30                                                     9,000
DM used                                                 168,000
DL used                                                 154,000
Overhead applied                                                   84,700        396,900 Cost of goods manufactured
GIP - May 31                                                   18,800
Finished Goods (FG)
FG - April 30                                                   60,000
Cost of goods manuf.                                                 396,900
       423,800 Cost of goods sold
FG - May 31                                                   33,100
Income statement (partial)
Sales                                              1,300,000
Cost of goods sold                                                 423,800
Gross profit                                                 876,200
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