The following information is available for Lock-Tite Company, which produces special-order security products...
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The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $43,000 10, 200 63,000 52,000 21,300 35,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 210,000 345,000 15,000 80,000 120,000 1,400,000 70% Exercise 2-8 Journal entries for materials LO P1 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. Answer is not complete. No Transaction General Journal Debit Credit 210,000 Raw materials inventory Cash 210,000
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