Exercise 19-8 Journal entries for materials LO P1

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The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.

  
 

 April 30May 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%

    
 

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

 

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