Do not consider any underapplied or overapplied

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*Do not consider any underapplied or overapplied overhead.$$Raw Materials (RM)Goods in Process (GIP)RM - April 3033,00015,000Indirect materialsGIP - April 309,500342,000Cost ofRM purchases192,000172,000DM usedDM used172,000DL used116,000Overhead applied63,800RM- May 3138,000GIP - May 3119,300Factory PayrollFinished Goods (FG)Factory payroll200,00084,000Indirect laborFG - April 3066,000375,000Cost of116,000DL usedCost of goods manuf.342,0000FG - May 3133,000Factory OverheadIncome statement (partial)Indirect materials15,00063,800Overhead appliedSales1,700,000Indirect labor84,000Cost of goods sold(375,000)Other overhead costs110,500Gross profit1,325,000Underapplied OH145,700Explanation:
Plus direct labor116,000 Plus overhead applied (55%)63,800 Total cost of goods in process361,300 Less ending goods in process inventory(19,300)Cost of goods manufactured$342,000 4.Cost of goods soldBeginning finished goods inventory$66,000 Plus: Cost of goods manufactured342,000 Less ending finished goods inventory(33,000)Cost of goods sold$375,000 5.Gross profitSales$1,700,000 Cost of goods sold(375,000)Gross profit$1,325,000 6.Overapplied or underapplied overheadIndirect materials$15,000 Indirect labor84,000 Other overhead costs110,500 Total actual overhead incurred209,500 Overhead applied63,800 Underapplied overhead$145,700
Score:43out of 43 points (100%)12.award:2 out of2.00 pointsExercise 19-8 Journal entries for materials LO P1The following information is available for Lock-Safe Company, which produces special-order securityproducts and uses a job order cost accounting system.April 30May 31InventoriesRaw materials$ 39,000 $53,000 Goods in process11,900 20,500 Finished goods61,000 33,000 Activities and information for MayRaw materials purchases (paid with cash)187,000 Factory payroll (paid with cash)410,000 Factory overheadIndirect materials14,000 Indirect labor74,000 Other overhead costs96,000 Sales (received in cash)1,290,000 Predetermined overhead rate based on direct labor cost65%1.Raw materials purchases for cash.2.Direct materials usage.3.Indirect materials usage.Prepare journal entries for the above events for the month of May.EventGeneral JournalDebitCredit1Raw materials inventory187,000Cash187,0002Goods in process inventory159,000Raw materials inventory159,0003Factory overhead14,000Raw materials inventory14,000Exercise 19-8 Journal entries forLearning Objective: 19-P1Describe and record the flow of
Worksheetmaterials LO P1materials costs in job order costaccounting.Exercise 19-8 Journal entries for materials LO P1The following information is available for Lock-Safe Company, which produces special-order securityproducts and uses a job order cost accounting system.

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