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HW Saved Help Save & Exit Check my Use the following information to answer questions (The...
HW Saved Help Save & Exit Check my Use the following information to answer questions (The following information applies to the questions displayed below.) 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 $ $ 25,000 9,900 70,000 32,000 20,400 33,000 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cont 179,000 250,000 15,000 57,500 111,500 1,600,000 558 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.
Answers
Journal entry
No General Journal Debit Credit 1 Work in process (250000-57500) 192500 Wages payable 192500 2 Manufacturing overhead 57500 Wages payable 57500 3 Wages payable 250000 Cash 250000
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