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 $ 43,000 $ 52,000
Work 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 %
rev: 06_09_2015_QC_CS-17114

Exercise 15-8 Journal entries for materials LO P1

1. Raw materials purchases for cash.
2. Direct materials usage.
3. Indirect materials usage.

Exercise 15-9 Journal entries for labor LO P2

1. Direct labor usage.
2. Indirect labor usage.
3. Total payroll paid in cash.
Prepare journal entries for the above transactions for the month of May.

Transaction General Journal Debit Credit
1

Question

04-07-2020
Business

contestada

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 $ 43,000 $ 52,000
Work 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 %
rev: 06_09_2015_QC_CS-17114

Exercise 15-8 Journal entries for materials LO P1

1. Raw materials purchases for cash.
2. Direct materials usage.
3. Indirect materials usage.

Exercise 15-9 Journal entries for labor LO P2

1. Direct labor usage.
2. Indirect labor usage.
3. Total payroll paid in cash.
Prepare journal entries for the above transactions for the month of May.

Transaction General Journal Debit Credit
1

Respuesta :

Otras preguntas

A square loop, length l on each side, is shot with velocity v0 into a uniform magnetic field B. The field is perpendicular to the plane of the loop. The loop ha

The return on common stockholders’ equity is computed by dividing a) net income less preferred dividends by ending common stockholders’ equity. b) net income

A square loop 16.0 cm on a side has a resistance of 6.35 Ω . It is initially in a 0.510 T magnetic field, with its plane perpendicular to B , but is removed fro

An investment adviser representative (IAR) asks a customer for a loan of $5,000. The customer agrees, and both the customer and the IAR document the loan by sig

Which event was the first to cause tension between the Soviet Union and President Kennedy? U.S. involvement in South Vietnam Soviet building of the Berlin Wal

You are driving a vehicle that has an automatic transmission. When you park on a hill, you should A: Set the parking brake first, before you shift the transmiss

The highest court in the state of Florida is the a.Florida Supreme Court b.U.S. Supreme Court c.U.S. County Court d.Florida County Court

All ideas, forms, techniques, and strategies that humans employ to express themselves creatively and to communicate their creativity and inspiration to others.

whats the squareroot of 144 needs to be simplified

On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid

Zviko Zviko · Answer 1 · 2020-07-05T02:42:39+02:00

Answer:

Exercise 15-8

1. Raw materials purchases for cash.

Raw Materials $210,000 (debit)

Cash $210,000 (credit)

2. Direct materials usage.

Work In Process : Indirect Materials $186,000 (debit)

Raw Materials $186,000 (credit)

3. Indirect materials usage.

Work In Process : Direct Materials $15,000 (debit)

Raw Materials $15,000 (credit)

Exercise 15-9

1. Direct labor usage.

Work In Process : Direct Labor $265,000 (debit)

Salaries and Wages Payable $265,000 (credit)

2. Indirect labor usage.

Work In Process : Indirect Labor $80,000 (debit)

Salaries and Wages Payable $80,000 (credit)

3. Total payroll paid in cash.

Salaries and Wages Payable : $345,000 (debit)

Cash $345,000 (credit)

Explanation:

Raw Materials - T Account (To determine the Materials Transferred to Production)

Debit

Opening Balance $ 43,000

Add Purchases $210,000

Totals $253,000

Credit

Closing Balance $ 52,000

Transferred to Production (Balancing figure) $201,000

Totals $253,000

Thus, Direct Materials = $201,000 - 15,000 = $186,000

sheffieldr2010 sheffieldr2010 · Answer 2 · 2021-10-26T04:09:52+02:00

Answer:

Explanation:

Raw materials purchases for cash.

Direct materials usage.

Indirect materials usage.

Prepare journal entries for the above transactions for the month of May.

DEBIT CREDIT

A 1 Raw materials inventory 2 10,000

Cash 210,000

B 2 Work in process inventory 186,000

Raw materials inventory 186,000

C 3 Factory overhead 15,000

Raw materials inventory 15,000