The Rowowing ntarmsrion appier to me quesniens dspinyed below, The tolowing nfor

Question

The Rowowing ntarmsrion appier to me quesniens dspinyed below, The tolowing nformation is avaisbe tor Lock-Tite Company, wwch produces special-order job onder cegting system pril 36y 11 538, eee 43,09 work in process Finished roods ctivities and infarmation for May Factory payroll (paid with cash) Factory overhead Indsrect labor other overhead costs Ses recesved in cash) 1. Rew materas purchases for cash 3. ind rect msteriais usage Prepere journal entries for the above transactions for the month of May Answer is complete but not entirely correct. Raw matenals inventory 193,000 193,000 Work in process inwarmory 16,000 Raw matera's inveriory Factory ovetmad 635250 Raw materiais inventory 63,525 0 words 6:40 PM 4/13/2018 Type here to search

Explanation / Answer

Raw Materials Work in process RM-April 30 38,000 WIP-April30 9,600 purchases 193,000 DM used 172,000 16,000 ind materials DL used 115,500 340,925 cost of goods mfg 172,000 DM used OH applied 63525 RM-May 31 43,000 WIP-may 31 19,700 Facotry payroll finished goods Factory 150,000 Fg-april 30 57,000 payroll 34,500 ind labor Cost of 340,925 364,125 COGS 115,500 DL used goods mfg end bal 33,800 Factory overhead ind materials 16,000 63,525 OH applied ind labor 34,500 other oh costs 93,500 underapp 80,475 income Statement(partial) Sales 3,200,000 cost of goods sold 364,125 Gross profit 2,835,875 Trasan General journal Debit Credit 1 Raw materials inventory 193,000 cash 193,000 2 Work in process inventory 172,000 Raw materials invnetory 172,000 3 Factory overhead 150,000 Raw materials inventory 150,000 Trasan General journal Debit Credit 1 Work in process inventory 115,500 Factory wages payable 115,500 2 Factory overhead 34,500 Factory wages payable 34,500 3 Factory wages payable 200,000 cash 200,000 Trasan General journal Debit Credit 1 Factory overhead 93,500 cash 93,500 Work in process inventory 63,525 Factory overhead 63,525

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