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 $ 43,000 $ 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 70 % Direct labor usage. Indirect labor usage. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May.

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...

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	$	43,000		$	52,000
Work in process		10,200			21,300
Finished goods		63,000			35,600
Activities and information for May
Raw materials purchases (paid with cash)					210,000
Factory payroll (paid with cash)					345,000
Factory overhead
Indirect materials					15,000
Indirect labor					80,000
Other overhead costs					120,000
Sales (received in cash)					1,400,000
Predetermined overhead rate based on direct labor cost					70	%

Direct labor usage.

Indirect labor usage.

Total payroll paid in cash.

Prepare journal entries for the above transactions for the month of May.

Jun 01, 2022

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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...

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