G April 30 May 31 Inventories Raw materials $ 49,000 $ 43,000 Work in process 9,900 21,000 Finished goods 52,000 34,000 Activities and information for May Raw materials purchases (paid with cash) 193,000 Factory payroll (paid with cash) 300,000 Factory overhead Indirect materials 11,000 Indirect labor 69,000 Other overhead costs 94,000 Sales (received in cash) 1,100,000 Predetermined overhead rate based on direct labor cost 55 %

Complete question:

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.

                                                   April 30         May 31

Inventories

Raw materials                          $ 49,000       $ 43,000

Work in process                         9,900              21,000

Finished goods                        52,000            34,000

Activities and information for May

Raw materials purchases (paid with cash)           193,000

Factory payroll (paid with cash)                           300,000

Factory overhead Indirect materials                     11,000

Indirect labor                                                         69,000

Other overhead costs                                            94,000

Sales (received in cash)                                        1,100,000

Predetermined overhead rate based on direct labor cost 55 %

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

Solution:

The record entry in accounting is the reporting of a report in an accounting document that displays the company's costs and credit balances. The amount of the payments must be equivalent to the sum of the credits otherwise the journal submission must be treated as unbalanced.

Raw material: a fundamental substance in its natural, changed or semi-managed condition, used as a contribution to the cycle of production for the eventual modification or transformation into a finished decent substance.

                                    Pass journal entry

Particular                                                Debit ($)           Credit ($)

Raw material inventory  (WN1)              210,000

                       Cash                                                         210,000

Work in process                                     186,000

           Raw material inventory                                        186,000

Factory overhead                                  15,000

           Raw material inventory                                       15,000

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