need answer for all with all work thanks Required informationUse the following information to answer questions[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.InventoriesRaw materialsWork in processFinished goodsActivities and information for MayRaw materials purchases (paid with cash)Factory payroll (paid with cash)Factory overheadIndirect materialsIndirect laborOther overhead costs.Sales (received in cash)Predetermined overhead rate based on direct labor costApril 30$41,0009,90057,000May 3149,00020,80034,500193,000100,0008,00023,000100,5002,000,00055% Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, P4Compute the following amounts for the month of May using T-accounts.1. Cost of direct materials used.2. Cost of direct labor used.3. Cost of goods manufactured.4. Cost of goods sold."5. Gross profit.6. Overapplied or underapplied overhead."Do not consider any underapplied or overapplied overhead.April 30RM purchasesMay 31Raw Materials (RM)41,000193,00049.0008,000 indirect materials177,000 DM usedApril 30DM usedDL usedOverhead appliedMay 31Work in Process (WIP)9,900177,00077,000263,900Cost of goods manufApril 30Cost of goods manufMay 31Finished Goods (FG) Inventory57,000SalesCost of goods soldGross profit57,000Income statement (partial)$ 2,000,000$ 2 000 000Cost of goods soldIndirect matenalsIndirect laborOther overhead costsUnderapplied OHFactory Overhead8.00023,000100,500131,500Overhead applied

Answered: Image /qna-images/answer/fec65911-43cd-461f-bf58-acd53607caed.jpg

Required information Use the following information to answer questions [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. 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 April 30 $41,000 9,900 57,000 S May 31 49,000 20,800 34,500 193,000 100,000 8,000 23,000 100,500 2,000,000 55%

Required information Use the following information to answer questions [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. 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 April 30 $41,000 9,900 57,000 S May 31 49,000 20,800 34,500 193,000 100,000 8,000 23,000 100,500 2,000,000 55%

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 16EB: A summary of materials requisition slips and time tickets, along with the overhead allocation, show...

See similar textbooks

Similar questions

Tuscany Products, Inc. uses a job order cost system. The following accounts have been taken from the books of the company: Required: 1. Analyze the accounts and describe in narrative form what transactions took place. (Use the reference letters a. through f. in your explanations and note that some accounts needed in your explanation have been purposely omitted.) 2. List the supporting documents or forms required to record each transaction involving the receipt or issuance of materials. 3. Determine the ending balances for Materials, Work in Process, and Finished Goods.
In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Little Things manufactures toys. For each item listed, identify whether it is a product cost, a period cost, or not an expense. internet provider services material expense raw materials inventory production equipment rental showroom rental factory employee salary Human Resource Director Salary
For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventory
Following is a list of manufactured products. For each product, would a job order or a process cost system be used to account for the costs of production? a. lumber b. buildings c. airplanes d. gasoline e. cereal f. textbooks g. paint h. jeans
In a process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods sold
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Compute the cost of goods manufactured.
Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving document
Explain how each activity in this list can be associated with the corresponding unit or batch level provided. A. Assembling products: batch level B. Issuing raw materials: unit level C. Machine setup: unit level D. Inspection: batch level E. Loading the labeling machine: unit level F. Equipment maintenance: unit level G. Printing a banner: batch level H. Moving material: unit level i. ordering a part: unit level
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
A summary of materials requisition slips and time tickets, along with the overhead allocation, show these costs: Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
Job-Order Costing versus Process Costing a. Hospital services b. Custom cabinet making c. Toy manufacturing d. Soft-drink bottling e. Airplane manufacturing (e.g., 767s) f. Personal computer assembly g. Furniture making (e.g., computer desks sold at discount stores) h. Custom furniture making i. Dental services j. Paper manufacturing k. Nut and bolt manufacturing l. Auto repair m. Architectural services n. Landscape design services o. Flashlight manufacturing Required: Identify each of these preceding types of businesses as using either job-order or process costing.