Cost of goods manufactured-cost of goods sold-gross profit

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Reference no: EM131205925

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 $ 47,000 $ 44,000 Work in process 9,300 18,200 Finished goods 60,000 35,000 Activities and information for May Raw materials purchases (paid with cash) 189,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 14,000 Indirect labor 46,000 Other overhead costs 99,000 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 55 % rev: 06_05_2015_QC_CS-17114 12.value: 25.00 pointsRequired information Compute the following amounts for the month of May using T-accounts. 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 underapplied overhead. *Do not consider any underapplied or overapplied overhead.

Reference no: EM131205925

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Cost of goods manufactured-cost of goods sold-gross profit : 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 $ 47,000 $ 44,000 Work in process 9,300 18,200 Finished goods ..

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