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$35,000 $60,000 Work in process 9,000 20,900 Finished goods 67,000 34,300 Activities and information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 8,000 Indirect labor 46,000 Other overhead costs 108,000 Sales (received in cash) 1,300,000 Predetermined overhead rate based on direct labor cost 55% Compute the following amounts for the month of May using T-accounts. Cost of direct materials used. Cost of direct labor used. Cost of goods manufactured. Cost of goods sold\.\* Gross profit. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead.

Lock-Tite Company

Cost of direct materials used = $138,000

Cost of direct labor used = $154,000

Cost of goods manufactured = $364,800

Cost of goods sold = $397,500

Gross profit = $902,500

Overapplied or underapplied overhead = $77,300

Explanation:

a) Data and Calculations:

                                            April 30    May 31

Inventories

Raw materials                    $35,000 $60,000

Work in process                     9,000   20,900

Finished goods                    67,000   34,300

Activities and information for May

Raw materials purchases (paid with cash) 171,000

Factory payroll (paid with cash) 200,000

Factory overhead

Indirect materials 8,000

Indirect labor 46,000

Other overhead costs 108,000

Sales (received in cash) 1,300,000

Predetermined overhead rate based on direct labor cost 55%

T-accounts:

Raw materials

Date      Account Titles            Debit       Credit

April 30 Beginning balance $35,000

May       Cash                         171,000

May       Work in Process                     $138,000

May       Manufacturing overhead            8,000

May 31   Closing balance                     $60,000

Payroll Expenses

Date      Account Titles            Debit       Credit

May       Cash                   $200,000

May       Manufacturing overhead           $46,000

May       Work in Process                       $154,000

Work in process

Date      Account Titles            Debit       Credit

April 30 Beginning balance $9,000

May       Raw materials       138,000

May       Payroll expenses  154,000

May       Overhead              84,700

May       Finished goods                    $364,800

May 31  Closing balance                     $20,900

Finished goods

Date      Account Titles            Debit       Credit

April 30 Beginning balance  $67,000

May       Work in process      364,800

May       Cost of goods sold                $397,500

May 31  Closing balance                       $34,300

Income Summary

Date      Account Titles            Debit       Credit

May 31  Sales revenue                       $1,300,000

May 31  Cost of goods sold $397,500

May 31  Gross profit            $902,500

Manufacturing Overhead

Date      Account Titles            Debit       Credit

May      Raw materials         $8,000

May      Payroll expenses    46,000

May     Other overhead     108,000

May     Work in Process                     $84,700 ($154,000 * 55%)

May     Underapplied overhead          77,300

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