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 Rav materials 637,000 9,100 $ $1,000 work in process Finished goods 20,300 65,000 34,500 Activities and information for May 177,000 Rav materiale purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 200,000 12,000 Indirect materials Indirect labor 46,000 Other overhead costs 103,500 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 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

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 Rav materials 637,000 9,100 $ $1,000 work in process Finished goods 20,300 65,000 34,500 Activities and information for May 177,000 Rav materiale purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 200,000 12,000 Indirect materials Indirect labor 46,000 Other overhead costs 103,500 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4 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

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.2AP

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