The following information is available for Lock-Tite Company, which produces special-order security products and uses...
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Accounting
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 | $ | 30,000 | $ | 36,000 | |||
| Work in process | 9,800 | 19,400 | |||||
| Finished goods | 51,000 | 34,800 | |||||
| Activities and information for May | |||||||
| Raw materials purchases (paid with cash) | 193,000 | ||||||
| Factory payroll (paid with cash) | 150,000 | ||||||
| Factory overhead | |||||||
| Indirect materials | 7,000 | ||||||
| Indirect labor | 34,500 | ||||||
| Other overhead costs | 93,000 | ||||||
| Sales (received in cash) | 1,100,000 | ||||||
| Predetermined overhead rate based on direct labor cost | 55 | % | |||||
- ncurred other overhead costs (record credit to Other Accounts).
- Application of overhead to work in process.
Prepare journal entries for the above transactions for the month of May.
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