1 answer

1. Required information (The following information applies to the questions displayed below.) The following information is...

Question:

1.Required information (The following information applies to the questions displayed below.) The following information is avail*Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) April 30 RM purchases Ind

1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal e1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the

Required information (The following information applies to the questions displayed below.) 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 $ $ 25,000 9,200 54,000 55,000 19,800 34,300 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 190,000 250,000 9,000 57,500 103,500 1,300,000 550 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. *Do not consider any underapplied or overapplied overhead.
*Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) April 30 RM purchases Indirect materials DM used May 31 Finished Goods (FG) Inventory Factory Overhead Income statement (partial)
1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet < ABC Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record other factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet < ABC Record raw material purchases for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answers

Raw materials (RM) Work in Process (WIP)
RM-April 30 25000 WIP-April 30 9200
RM purchases 190000 DM used 151000
9000 Indirect materials DL used 192500
151000 DM used Overhead applied 105875 438775 Cost of goods manuf.
RM-May 31 55000 WIP-May 31 19800
Finished goods (FG) Factory Overhead
FG-April 30 54000 Indirect materials 9000 105875 Overhead applied
Cost of goods manuf. 438775 Indirect labor 57500
458475 Cost of goods sold Other overhead costs 103500
FG-May 31 34300
Underapplied OH 64125
Income Statement (Partial)
Sales 1300000
Cost of goods sold 458475
Gross Profit 841525
2
For Raw materials:
Debit Credit
Raw materials inventory   190000
       Cash 190000
Work in Process inventory 151000 =25000+190000-9000-55000
    Raw materials inventory   151000
Factory overhead 9000
    Raw materials inventory   9000
3
For Labor:
Debit Credit
Work in Process inventory 192500 =250000-57500
      Factory wages payable 192500
Factory overhead 57500
      Factory wages payable 57500
Factory wages payable 250000
       Cash 250000
4
For overhead:
Debit Credit
Factory overhead 103500
      Other accounts 103500
Work in Process inventory 105875 =(250000-57500)*55%
     Factory overhead 105875
.

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