These questions are covered by the following:
below.] Lock-Tite has the following information.
The company produces custom-ordered security products, and it uses them to create a
System for job costing. April 30 May 31 Inventory Raw Materials
$ 50,000 $ 38,000 Process 9,200 18,500 Final goods
54,300 May raw materials activities and information
Purchases (paid in cash) 171,000 Factory payroll Payroll (paid in cash)
100,000 factory overhead 17,000 indirect labor
Additional overhead expenses 23,000 106,000 sales (received as cash).
1 800,000 Base overhead rate predetermined based on direct labor price 55
For the May month, compute the following numbers in %
T-accounts. Direct materials costs. Direct labor costs
used. Manufacturing costs. Price of goods sold.* Gross
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