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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 | |
| Inventories | | | | | | | |
| Raw materials | $ | 30,000 | | | $ | 36,000 | |
| Work in process | | 9,800 | | | | 19,400 | |
| Finished goods | | 51,000 | | | | 34,800 | |
| Activities and information for May | | | | | | | |
| Raw materials purchases (paid with cash) | | | | | | 193,000 | |
| Factory payroll (paid with cash) | | | | | | 150,000 | |
| Factory overhead | | | | | | | |
| Indirect materials | | | | | | 7,000 | |
| Indirect labor | | | | | | 34,500 | |
| Other overhead costs | | | | | | 93,000 | |
| Sales (received in cash) | | | | | | 1,100,000 | |
| Predetermined overhead rate based on direct labor cost | | | | | | 55 | % |
| |
- Raw materials purchases for cash.
- Direct materials usage.
- Indirect materials usage.
Prepare journal entries for the above transactions for the month of May.
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