3 Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 30 $50,000 11,600 70,000 -Book 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 May 31 $ 66,eee 24,100 49,600 224,000 373, eee Hint 29,000 94,000 134,000 1,540,000 75% Print 0 erences 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 General Absorption Journal Determine whether there is over or underapplied overhead. Factory Overhead Overheat Absorption General Journal > w Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal