hapter 15- HN 4 Required information [The following information applies to the q

Question

hapter 15- HN 4 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. Raw materials Work in process Finished goods $43,898 10,280 63,000 52,800 21, 300 35,600 Activities and information for May Raw naterials purchases (paid with cash) Factory payroll (paid with cash) Factory 210,000 345,800 Indirect materials Indirect labor Other overheed costs 15,000 88,000 128,000 1,480,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 70% 1. Direct labor usage 2. Indirect labor usage 3. Total payroll paid in cosh pe here to search

Explanation / Answer

Solution:

Transaction General Journal Debit Credit 1. Work in process-inventory Dr $345,000 To wages payable $345,000 2. Manufacturing overhead Dr $80,000 To wages payable 80,000 3. Wages payable Dr $425,000 To cash 425,000

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