The following information is available for Lock-Tite Company, which produces spe

Question

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30May 3 Inventories Raw materials Work in process Finished goods $37,000 51,000 18,200 33,600 9,100 59,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 188,000 150,000 Indirect materials Indirect labor Other overhead costs 7,000 34,500 92,500 1,200,000 55% Sales (received in cash) Predetermined overhead rate based on direct labor cost

Explanation / Answer

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RAW MATERIAL Beg Raw material inventory 37000 Direct material used(1) [37000+188000-51000-7000] 167000 Raw material Purchase 188000 Indirect material used 7000 Raw material end 51000

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