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 | $ | 39,000 | $ | 46,000 | |
| Goods in process | 11,300 | 18,500 | |||
| Finished goods | 61,000 | 33,800 | |||
| Activities and information for May | |||||
| Raw materials purchases (paid with cash) | 193,000 | ||||
| Factory payroll (paid with cash) | 410,000 | ||||
| Factory overhead | |||||
| Indirect materials | 12,000 | ||||
| Indirect labor | 72,000 | ||||
| Other overhead costs | 96,000 | ||||
| Sales (received in cash) | 1,250,000 | ||||
| Predetermined overhead rate based on direct labor cost | 65 | % | |||
| | |||||
| 1. | Raw materials purchases for cash. |
| 2. | Direct materials usage. |
| 3. | Indirect materials usage. |
|
Prepare journal entries for the above events for the month of May.
|
2.
Beginning raw materials (39,000) + Raw materials purchased (193,000) - Indirect materials used (12,000) - Ending raw materials (46,000) = $174,000 |
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