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 $49,000 $ 50,000 Work in process Finished goods 18,300 9,600 64,000 34,800 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) 173,000 200,000 Factory overhead Indirect materials Indirect labor 11,000 46,000 other overhead costs 105,000 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. 55%
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 $49,000 $ 50,000 Work in process Finished goods 18,300 9,600 64,000 34,800 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) 173,000 200,000 Factory overhead Indirect materials Indirect labor 11,000 46,000 other overhead costs 105,000 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 1. Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. 55%
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:Required information
VIEW uransactoIT HIST
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Record the entry for direct labor usage.
Note: Enter debits before credits.
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General Journal
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Credit
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![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
$49,000
Work in process
Finished goods
9,600
64,000
Activities and information for May
Raw materials purchases (paid with cash)
Factory payroll (paid with cash)
Factory overhead
Indirect materials
Indirect labor
Other overhead costs
Sales (received in cash)
Predetermined overhead rate based on
1. Direct labor usage.
2. Indirect labor usage.
3. Total payroll paid in cash.
H
rect labor cost
<P Chat
3 4
of 7
HH
G
$
50,000
18,300
34,800
173,000
200,000
11,000
46,000
105,000
1,700,000
Cal
55%
Next >
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Transcribed Image Text: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
$49,000
Work in process
Finished goods
9,600
64,000
Activities and information for May
Raw materials purchases (paid with cash)
Factory payroll (paid with cash)
Factory overhead
Indirect materials
Indirect labor
Other overhead costs
Sales (received in cash)
Predetermined overhead rate based on
1. Direct labor usage.
2. Indirect labor usage.
3. Total payroll paid in cash.
H
rect labor cost
<P Chat
3 4
of 7
HH
G
$
50,000
18,300
34,800
173,000
200,000
11,000
46,000
105,000
1,700,000
Cal
55%
Next >
O
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