The following information is available for Lock-Safe Company
accounting teacherE19-8 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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