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Business & Finance Assignment | Custom Assignment Help

Required informationUse the following information to answer questions[T he following information applies to the questions displayed below]The following information is available for Lock—Tite Company, which produces special—order security products and uses ajob order costing system.April 30 May 31InventoriesRaw materials $25,000 $ 48,000Work in process 9,600 20,500Finished goods 55,000 34,000Activities and information for MayRaw materials purchases (paid with cash) 192,000Factory payroll (paid with cash) 100,000Factory overheadIndirect materials 10,000Indirect labor 23,000other overhead costs 114,500Sales (received in cash) 2,000,000Predetermined overhead rate based on direct labor cost 55%IK. J Exercise 19-7 Cost flows in a job order costing system LO P1, P2. P3. P4 Compute the following amounts for the month of May using T—accounts. 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. Overapplied or underapplied overhead. *Do not consider anv underaoolied or overaoolied overhead.—Get business and finance assignment homework help today

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