Question & Answer: he following information is available for Lock-Tite Company, which produces special-order security…..

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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 $ 42,000 $ 38,000
     Work in process 9,800 18,200
     Finished goods 63,000 33,000
  Activities and information for May
     Raw materials purchases (paid with cash) 194,000
     Factory payroll (paid with cash) 330,000
     Factory overhead
        Indirect materials 13,000
        Indirect labor 65,000
        Other overhead costs 111,000
     Sales (received in cash) 1,200,000
     Predetermined overhead rate based on direct labor cost 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.

 

*Do not consider any underapplied or overapplied overhead.
Raw Materials (RM) Work in Process (WIP)
0 0
Factory Payroll Finished Goods (FG)
0 0
Factory Overhead
Income statement (partial)
$0

Expert Answer

 

T-Accounts :

 

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