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The following information is available for Lock-Tite Company, which produces special-order security products and uses a...


The following information is available for Lock-Tite Company, which produces special-order security products and uses a job o
No Transaction General Journal Debit Credit А 1 176,000 Raw materials inventory Cash 176,000 B 2 18,200 Work in process inven
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 $33,000 $ 54,000 Work in process 9,400 18,200 Finished goods 53,000 33,400 Activities and information for May Raw materials purchases (paid with cash) 176,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 7,000 Indirect labor 34,500 Other overhead costs Sales (received in cash) 117,500 Predetermined overhead rate based on direct labor cost 1,400,000 55% 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May.
No Transaction General Journal Debit Credit А 1 176,000 Raw materials inventory Cash 176,000 B 2 18,200 Work in process inventory Raw materials inventory 9,400 С 3 158,500 Factory overhead Raw materials inventory 117.500
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