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Compute the cost of direct materials used

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Question - The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.

Inventories

INVENTORIES

APRIL30

MAY 31

RAW MATERIALS

43000

52000

WORK IN PROCESS

10200

21300

FINISHED GOODS

63000

35600

ACTIVITIES AND INFORMATION FOR MAY

RAW MATERIALS PURCHASES (PAID WITH CASH)

210000

FACTORY PAYROLL (PAID WITH CASH)

345000

FACTORY OVERHEAD

INDIRECT MATERIALS

15000

INDIRECT LABOR

80000

OTHER OVERHEAD COSTS

120000

SALES (RECEIVED CASH)

1400000

PREDETERMINED OVERHEAD RATE BASED ON DIRECT LABOR COST

70%

Compute the following amounts for the month of may:

1. Cost of direct materials used

2. Cost of direct labor used

3. Cost of goods manufactured

4. Cost of goods sold

5. Gross profit

6. Overapplied or under applied overhead

Reference no: EM131732953

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