| The following information is available for Lock-Title Company, which produces special-order security products and uses a job-order costing system. |
| April 30 | May 31 | ||||
| Inventories | |||||
| Raw materials | $ | 42,000 | $ | 38,000 | |
| Work in process | 9,800 | 18,200 | |||
| Finished goods | 63,000 | 33,000 | |||
| Activities and information for May | |||||
| Raw materials purchases (paid with cash) | 194,000 | ||||
| Factory payroll (paid with cash) | 330,000 | ||||
| Factory overhead | |||||
| Indirect materials | 13,000 | ||||
| Indirect labor | 65,000 | ||||
| Other overhead costs | 111,000 | ||||
| Sales (received in cash) | 1,200,000 | ||||
| Predetermined overhead rate based on direct labor cost | 55 | % | |||
| 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. |
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| *Do not consider any underapplied or overapplied overhead. |
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