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Question - 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
$27,000
$46,000
Work in process
9,200
19,100
Finished goods
65,000
34,400
Activities and information for May
Raw materials purchases (paid with cash)
197,000
Factory payroll (paid with cash)
250,000
Factory overhead
Indirect materials
12,000
Indirect labor
57,500
Other overhead costs
110,500
Sales (received in cash)
1,400,000
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.
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