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2) Adjusting Factory Overhead: Use these T-accounts to complete the requirements below: COGS Unadjusted Balance from connect AJE Adjusted COGS balances Factory Overhead Unadjusted Balance

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2) Adjusting Factory Overhead: Use these T-accounts to complete the requirements below: COGS Unadjusted Balance from connect AJE Adjusted COGS balances Factory Overhead Unadjusted Balance AJE Adjusted COGS balances a) Include the unadjusted balances in the T accounts above. The COGS unadjusted balance can be found in the partial income statement underneath the T accounts on Question 11 of connect HW2.1 assignment. The unadjusted Factory Overhead balance is the last row of the Factory Overhead T account again in Question 15 of connect HW2.1 assignment. b) Assume Lock-Tite clears all its under- or over-applied overhead to cost of goods sold. Write the "adjusting" journal entry to zero the Factory Overhead account. c) Post the journal entry to the COGS and FOH T accounts above 2a and calculate the "adjusted balances for COGS. Show the ending Factory Overhead account as zero.Required information [The following information applies to the questions displayed below] The following information is available for LockTite Company, which produces specialorder security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $25,000 $ 43,000 Work in process 9,900 19,200 Finished goods 51,000 34,400 Activities and information for May Raw materials purchases (paid with cash) 171,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 9,000 Indirect labor 46,000 Other overhead costs 114,000 Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 55% [ Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory OverheadIncome statement (partial)Ref. Account Debit Credit a) Raw Material purchased on account a b) Raw Material used as direct and indirect material b c) Recognition of direct and indirect labor owed to employees C d) Application of factory overhead to work-in-process d e) Recognition of Cost of Goods Manufactured e f) Recognition of Sales Revenue f g) Recognition of Cost of Goods Sold g h) Incurrence of other overhead costs (use "various" to represent multiple accounts. h

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