Required information Use the following information to answer questions [The foll

Question

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-orders ecurity products and u job order costing system. April 30 May 31 Inventories Raw materials Work in process Finished goods s50,000 $57,000 20,900 34, 200 9,800 65,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 177,000 200,000 Indirect materials Indirect labor Other overhead costs 13,e00 46,ee0 115,000 1,400,00e Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% Exercise 19-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used

Explanation / Answer

Direct labor used :154000

**Actual overhead =13000+115000+46000=174000

applied overhead =84700

underapplied overhead =174000-84700 =89300

Direct Material Beginning 50000 Direct Raw material ued 157000 Purchase 177000 manufacturing overhead 13000 Ending balance 57000

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