San Diego State University Operations And Supply Chain Management Assignment Help - T-Accounts

Question - 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 $ 43,000 $ 52,000
Goods 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 %


Compute the following amounts for the month of May using T-accounts.
1. Cost of direct m ...Read More aterials used.
2. Cost of direct labor used.
3. Cost of goods manufactured.
4. Cost of goods sold.*
5. Gross profit.
6. Overapplied or underapplied overhead.

*Do not consider any underapplied or overapplied overhead.
These are the accounts that are used t(that need to be filled in).
1. Raw Materials (RM)
2. Goods In Process (GIP)
3. Factory Payroll
4. Finished Goods (FG)

5. Factory Overhead
6. Income Statement (Partial) ...Read Less

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