Exercise 19-8 Journal entries for materials LO P1
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The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.
| April 30 | May 31 | ||||
| Inventories | |||||
| Raw materials | $ | 43,000 | $ | 52,000 | |
| Goods in process | 10,200 | 21,300 | |||
| Finished goods | 63,000 | 35,600 | |||
| Activities and information for May | |||||
| Raw materials purchases (paid with cash) | 210,000 | ||||
| Factory payroll (paid with cash) | 345,000 | ||||
| Factory overhead | |||||
| Indirect materials | 15,000 | ||||
| Indirect labor | 80,000 | ||||
| Other overhead costs | 120,000 | ||||
| Sales (received in cash) | 1,400,000 | ||||
| Predetermined overhead rate based on direct labor cost | 70 | % | |||
| 1. | Raw materials purchases for cash. |
| 2. | Direct materials usage. |
| 3. | Indirect materials usage. |
10 years ago
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