Solution-Prepare journal entries for the transactions for

Prepare journal entries for the transactions for May

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Reference no: EM132429622

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	$28,000	$41,000
Work in process	9,200	20,600
Finished goods	67,000	34,000
Activities and information for May
Raw materials purchases (paid with cash)		173,000
Factory payroll (paid with cash)		150,000
Factory overhead
Indirect materials		13,000
Indirect labor		34,500
Other overhead costs		96,500
Sales (received in cash)		1,700,000
Predetermined overhead rate based on direct labor cost		55%

1. Incurred other overhead costs (record credit to Other Accounts).

2. Application of overhead to work in process.

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

Reference no: EM132429622

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Prepare journal entries for the transactions for May

Reference no: EM132429622

Reference no: EM132429622

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