Required information Use the following information to answer questions The follo

Question

Required information Use the following information to answer questions The following information applies to the The following Information is available for Lock-Tite Company, which produces s 13 questions displayed below. pecial-order security products and uses a job order costing system. Inventories April 30 ay 31 Raw naterials Work in process riniahed goods 34,000 21.000 34,200 $31,000 9,800 Activities and information for 52,000 Raw materials Factory payroli (paid with cash Factory overhead with cash) 177,000 250,000 Indirect materials Indirect labor 16,000 57,500 93,000 Other overhead costs Sales (received in caah) Predetermined overhead rate based on direct labor cost 1,400,000 558 Exercise 15-9 Journal entries for labor LO P2 1 Direct labor usage. 2. Indirect labor usage. 3. Total payroll paid in cash. Prepare journal entries for the above transactions for the month of May

Explanation / Answer

Debit Credit (1) Work in process a/c 192500 Factory Payroll / wages payable a/c 192500 (2) Manufacturing Overhead 57500 Factory Payroll / wages payable a/c 57500 (3) Factory payroll / wages payable a/c 250000 Cash a/c 250000

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