### Lock-It-Te Company Financial OverviewThe following data pertains to Lock-It-Te Company, a producer of special-order security products utilizing a job order costing system. This overview summarizes inventory balances and activities for the month of May.#### Inventories- **Raw Materials** - April 30: $32,000 - May 31: $35,000 - **Work in Process** - April 30: $9,500 - May 31: $20,000 - **Finished Goods** - April 30: $56,000 - May 31: $33,500 #### Activities and Information for May- **Raw Materials Purchases** - Paid with Cash: $190,000 - **Factory Payroll** - Paid with Cash: $150,000 - **Factory Overhead Expenses** - Indirect Materials: $9,000 - Indirect Labor: $34,500 - Other Overhead Costs: $109,000 - **Sales (Received in Cash)** - $1,100,000 - **Predetermined Overhead Rate** - Based on Direct Labor Cost: 55%#### InstructionsTo accurately prepare financial records for May, adhere to the following steps:1. Record raw materials purchased for cash.2. Document direct materials usage.3. Note indirect materials usage.Begin by preparing journal entries.### Journal Entry WorksheetThis worksheet facilitates the recording of financial transactions related to the purchase of raw materials for cash. Ensure to enter debits before credits.#### Transactions Table| Transaction | General Journal | Debit | Credit ||-------------|-----------------|-------|--------|| 1 | | | |*Options are available to record, clear, and view general entries.*

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Description: ### Lock-It-Te Company Financial OverviewThe following data pertains to Lock-It-Te Company, a producer of special-order security products utilizing a job order costing system. This overview summarizes inventory balances and activities for the month

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Job order costing system. April 30 May 31 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 $32,000 9,500 56,000 %24 35,000 20,800 33,500 190, e0e 150,000 Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 9,000 34,500 109,000 1,10е, еeе 55% 1. Raw materlals purchases for cash. 2. Direct materlals usage. 3. Indirect materlals usage Prepare Journal entries for the above transactions for the month of May.

Job order costing system. April 30 May 31 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 $32,000 9,500 56,000 %24 35,000 20,800 33,500 190, e0e 150,000 Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 9,000 34,500 109,000 1,10е, еeе 55% 1. Raw materlals purchases for cash. 2. Direct materlals usage. 3. Indirect materlals usage Prepare Journal entries for the above transactions for the month of May.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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