2023 E19 8 The following information is available for Lock Safe Company which produces special order security products and | Assignments Online
2023 E19 8 The following information is available for Lock Safe Company which produces special order security products and | Assignments Online
Assignments Online 2023 Business Finance
E19-8 The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.
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April 30 |
May 31 |
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Inventories |
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Raw materials |
$ |
43,000 |
$ |
52,000 |
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Goods in process |
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10,200 |
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21,300 |
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Finished goods |
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63,000 |
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35,600 |
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Activities and information for May |
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Raw materials purchases (paid with cash) |
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210,000 |
|
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Factory payroll (paid with cash) |
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345,000 |
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Factory overhead |
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Indirect materials |
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15,000 |
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Indirect labor |
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80,000 |
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Other overhead costs |
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120,000 |
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Sales (received in cash) |
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1,400,000 |
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Predetermined overhead rate based on direct labor cost |
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70 |
% |
1. Raw materials purchases for cash.
2. Direct materials usage.
3. Indirect materials usage.
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