ing...omework iPsych Unit 8 Group...Sign in with Apple IDSavedRequired 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 ajob order costing system.April 30May 31InventoriesRaw materials$ 29,000Work in process9,60051,000Finished goodsActivities and information for MayRaw materials purchases (paid with cash)Factory payroll (paid with cash)Factory overheadIndirect materials.Indirect laborOther overhead costsSales (received in cash)Predetermined overhead rate based on direct labor cost1. Direct labor usage.2. Indirect labor usage.3. Total payroll paid in cash.Prepare journal entries for the above transactions for the month of May.View transaction listJournal entry worksheet<AB CUntitled document...New Tab38,00020,70035,000180,000150,00015,00034,500109,0001,600,00055%>Ptr B Score $250 Sports...$ 1. Direct labor usage.2. Indirect labor usage.3. Total payroll paid in cash.Prepare journal entries for the above transactions for the month of May.View transaction listJournal entry worksheet<ABCRecord the entry for direct labor usage.Note: Enter debits before credits.TransactionDebit1Record entryGeneral JournalClear entry>CreditView general journal

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Description: ing...omework iPsych Unit 8 Group...Sign in with Apple IDSavedRequired information[The following information applies to the questions displayed below.]The following information is available for Lock-Tite Company, which produces special-order securit

Payroll is the payment that a company is required to pay to its employees for a set period of time…

Business

Accounting

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 Inventories Raw materials Work in process $29,000 9,600 51,000 Finished goods Activities and information for May AVANT 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 $ 38,000 20,700 35,000 180,000 150,000 15,000 34,500 109,000 1,600,000 55%

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 Inventories Raw materials Work in process $29,000 9,600 51,000 Finished goods Activities and information for May AVANT 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 $ 38,000 20,700 35,000 180,000 150,000 15,000 34,500 109,000 1,600,000 55%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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