Using T-accounts for Raw Materials-Work In Process

Assignment Help Financial Accounting

Reference no: EM131247955

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 $ 41,000 $ 47,000 Work in process 9,300 18,300 Finished goods 58,000 33,700 Activities and information for May Raw materials purchases (paid with cash) 180,000 Factory payroll (paid with cash) 310,000 Factory overhead Indirect materials 17,000 Indirect labor 62,000 Other overhead costs 103,000 Sales (received in cash) 1,500,000 Predetermined overhead rate based on direct labor cost 55 % 3. Required information Compute the following amounts for the month of May using T-accounts for Raw Materials, Work In Process, Factory Payroll, Finished Goods, Factory Overhead. 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. whats the Income Statement (Partial)

Reference no: EM131247955

Questions Cloud

Determine the maximum stress in the two dielectrics : A 66-kV single-core lead sheathed cable is graded by using two dielectrics of relative permittivity 5 and 3 respectively; thickness of each being 1 cm. The core diameter is 2 cm. - Determine the maximum stress in the two dielectrics.

Approach to security be more managerial : How has computer security evolved into modern information security? Who should lead a security team? Should the approach to security be more managerial or technical? Why? What are the functions of laws, regulations, and professional organizations wit..

Find the maximum electrostatic stress in the cable : Find the maximum electrostatic stress in the cable, minimum electrostatic stress in the cable, capacitance of the cable per km length and charging current.

Write essay comparing themes of the given two poems : Write essay comparing and contrasting themes of these two poems. Remember that you should use close reading method of Module 5 or the explication method of this module to gather evidence and quotes from the poems.

Using T-accounts for Raw Materials-Work In Process : The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Compute the following amounts for the month of May using T-accounts for Raw Materials, Work In Process, ..

Information to a journalist who exposes a us government : Assange argues that there is a need for sites like WikiLeaks. What is his argument and do you agree? Are people who leak information to a journalist who exposes a U.S. government lie or crime a whistleblower or a traitor? Be sure to explain your po..

Develop a plan for how to resolve ethical and legal issues : Identify specific legal and ethical issues that should be considered before, during, and after the merger.

Find the insulation thickness : The insulation resistance of a single-core cable is 495 MΩ per km. If the core diameter is 2·5 cm and resistivity of insulation is 4·5 × 1014 Ω-cm, find the insulation thickness.

Corresponding effective annual rates when compounded : For the nominal interest rates of 2%, 4%, 6%, 8%, 10%, 12%,…20%, show the corresponding effective annual rates when compounded: yearly, semiannually, quarterly, over a three-month period, over a two-month period, monthly, daily, and continuously. Del..

User Account

All Pages