The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 49,500 $ 65,000 Work in process 11,500 23,900 Finished goods 69,500 48,600 Activities and information for May Raw materials purchases (paid with cash) 223,000 Factory payroll (paid with cash) 371,000 Factory overhead Indirect materials 28,000 Indirect labor 93,000 Other overhead costs 133,000 Sales (received in cash) 1,530,000 Predetermined overhead rate based on direct labor cost 80 % Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods So
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Explanation:
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The answer to the below question will be as follows:
Cheque of $500 sent by a creditor not recordedWorking Capital will Increase No effect on Net Profit
Stock to be written off by $370Working Capital will be the same
Net Profit will reduce
Bad Debts written off by $500Working Capital will be the same
Net Profit will reduce
Provision of Depreciation Increased to $500Working Capital will be the same Net Profit will reduce
Machine of net book Value $4000 sold for $4000No effect
No effect on Net Profit