The following information is available for Lock-Down Company, which produces spe
ID: 2504845 • Letter: T
Question
The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
Prepare journal entries for the above events for the month of May. (Omit the "$" sign in your response.)
1. Factory Payroll - $400,000
Cash - $400,000
2. Goods is process invetory - ? (need answer)
Factory Payroll - ? (need answer)
3. Factory Overhead - $75,000
Factory Payroll - $75,000
The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
Explanation / Answer
The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
April 30 May 31
Inventories
Raw materials $ 43,000 $ 34,000
Goods in process 9,100 18,600
Finished goods 60,000 33,500
Activities and information for May
Raw materials purchases (paid with cash) 173,000
Factory payroll (paid with cash) 400,000
Factory overhead
Indirect materials 8,000
Indirect labor 68,000
Other overhead costs 106,000
Sales (received in cash) 1,100,000
Predetermined overhead rate based on direct labor cost 55%
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.