Problem: The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.
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Apr-30
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May-31
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Inventories
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Raw materials
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$27,000
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$46,000
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Work in process
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9,200
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19,100
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Finished goods
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65,000
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34,400
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Activities and information for May
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Raw materials purchases (paid with cash)
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197,000
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Factory payroll (paid with cash)
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250,000
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Factory overhead
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Indirect materials
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12,000
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Indirect labor
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57,500
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Other overhead costs
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110,500
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Sales (received in cash)
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1,400,000
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Predetermined overhead rate based on direct labor cost
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55%
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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.
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