Reference no: EM13351640

Q:

The subsequent information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

                                                                                April 30                     May 31            

Inventories        

Raw materials                                                    $ 40,000                     $ 50,000         

Goods in process                                                  9,600                          19,500         

Finished goods                                                      60,000                       33,200          

Activities and information for May          

Raw materials purchases (paid with cash)   189,000          

Factory payroll (paid with cash)  400,000               

Factory overhead

Indirect materials  12,000             

Indirect labor    75,000   

Other overhead costs     100,500               

Sales (received in cash)    1,200,000         

Predetermined overhead rate based on direct labor cost              65%

Evaluate the subsequent 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.