20 R 15 E Saved Help Save & Exit Submit Check my work 31 Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lok-Tite Company, which produces special-order security products and uses a job order costing system. kipped April 30 May 31 $ $ 43,000 10,200 63,000 52,000 21,300 35, 600 eBook Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 210,000 345,000 Hint 15,000 80,000 120,000 1.400,000 70% Ask Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. erences Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. View transaction list A B B * $ 10:03 2020/2/5 Pie 91 111011 ECL lideriais Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 13, UUU 80,000 120,000 1,400,000 70% Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Factory Overhead Indirect materials Indirect labor Underapplied overhead Overhead Absorption General Journal > 31 View transaction list Journal entry worksheet 0.25 points Skipped Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. eBook Note: Enter debits before credits. Transaction urnal Debit Credit Hint - Ask References Record entry Clear entry View general journal