Accounting Archive liman × * Connect Cha-Chaestu + htmi hapter 15 Required infor

Question

Accounting Archive liman × * Connect Cha-Chaestu + htmi hapter 15 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 Pert 2 of 4 job order costing system 8.33 points Raw natezials 32, O00 rinished goods 34, 000 Faotory 1,500 200.000 Sales receired 1 cash) d on direos sbor 1. Raw materials purchases for cash 2. Direct matenials usage 3. Indirect materials usage Prepare journal entries for the above transactions for the month of May Journal entry worksheet Raceed raw matenal purchases or cash o e&

Explanation / Answer

Transactions General Journal Debit Credit 1 Raw materials inventory $188,000 Cash $188,000 2 Work in process inventory $154,000 Raw materials inventory $154,000 3 Factory overhead $12,000 Raw materials inventory $12,000 Explanation 2 Beginning raw materials (32,000) + Raw materials purchased (188,000) - Indirect materials used (12,000) - Ending raw materials (54,000) = $154,000

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