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Question - The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.
Inventories
INVENTORIES
APRIL30
MAY 31
RAW MATERIALS
43000
52000
WORK IN PROCESS
10200
21300
FINISHED GOODS
63000
35600
ACTIVITIES AND INFORMATION FOR MAY
RAW MATERIALS PURCHASES (PAID WITH CASH)
210000
FACTORY PAYROLL (PAID WITH CASH)
345000
FACTORY OVERHEAD
INDIRECT MATERIALS
15000
INDIRECT LABOR
80000
OTHER OVERHEAD COSTS
120000
SALES (RECEIVED CASH)
1400000
PREDETERMINED OVERHEAD RATE BASED ON DIRECT LABOR COST
70%
Compute the following amounts for the month of may:
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 under applied overhead
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