Sunday 4 November 2012

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

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 $ 41,000   $ 34,000  
     Goods in process   9,900     18,400  
     Finished goods   50,000     35,000  
  Activities and information for May          
     Raw materials purchases (paid with cash)       189,000  
     Factory payroll (paid with cash)       200,000  
     Factory overhead          
        Indirect materials       11,000  
        Indirect labor       90,000  
        Other overhead costs       101,500  
     Sales (received in cash)       2,000,000  
     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.)

     
1. Cost of direct materials used. $  
2. Cost of direct labor used. $  
3. Cost of goods manufactured. $  
4. Cost of goods sold.* $  
5. Gross profit. $  
6. Underapplied overhead $  

*Do not consider any underapplied or overapplied overhead.
rev: 03-04-11


Explanation:

3 comments:

  1. i wish i can get help like this on all my accounting hw. helped a lot and not only that but it actually taught me how to do the problem

    ReplyDelete
  2. I total agree wih Selina

    ReplyDelete
  3. Ive been looking at your site. It looks great and it is helpful. Not sure where i post questions at.

    ReplyDelete