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Exercise 19-7 Cost flows in a job order cost system L.O. P1, P2, P3, P4 The following information is…

by | Sep 9, 2023 | accounting

Exercise 19-7 Cost flows in a job order cost system L.O. P1, P2, P3, P4
The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.

April 30
May 31

Inventories

Raw materials
$
32,000
$
43,000

Goods in process

9,800

19,200

Finished goods

66,000

33,800

Activities and information for May

Raw materials purchases (paid with cash)

189,000

Factory payroll (paid with cash)

500,000

Factory overhead

Indirect materials

8,000

Indirect labor

67,000

Other overhead costs

115,000

Sales (received in cash)

1,400,000

Predetermined overhead rate based on direct labor cost

55
%

Compute the following amounts for the month of May. (Input all amounts as positive values. Omit the “$” sign in your response.)

  

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