tion.com/flow/connect.html Required information The following information applie
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tion.com/flow/connect.html Required information The following information applies to the questions displayed below) The following information s availble for Lock-Tte Company,which produces specal-onder security products and uses a job order costing system Inventories Apri3 May 31 Rau naterlals Ork in process Finished gs 43,000 52,800 1e,200 63,000 21,300 35,600 Activitles ans information for Nay Rau naterials purchases (pais dth cash) Factory payroll (paid with cash) Factory overhead 210,000 45,80 Indirect materials Indirect labor Other overheas costs 15,000 83,000 20,000 1,400, 000 Sales (receives in cosm) Predeternined overnead race bases on direct labor cost 1 Incurred other overhead costs trecord creat to Otrer Accounts 2. Application of overhesd to work in process e to search PrtScr er F9 F6 F3 8 0 5 6 8 3 4Explanation / Answer
Date Transaction Debit Credit 1 Factory overheads 120000 Other accounts 120000 2 Work in progress 185500 Factory Overheads 185500 Explanation: Cost of direct labor used Total factory payroll 345,000 Less indirect labor (80,000) Cost of direct labor used 265,000 Factory overhead: $265,000 × 70% =$185,500.
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