3 Exercise 19-13 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 0.83 points April 30 May 31 Inventories Raw materials Work in process Fini shed goods 50, 000 11, 600 0, 000 $66, 000 24, 100 49, 600 eBook Activities and information for May Raw materials purchases (paid with cash Factory payroll (paid with cash) Factory overhead 224, 000 373, 000 Hint Indirect materials Indirect labor Other overhead costs 29, 000 94, 000 134, 000 1, 540, 000 Print Sales (received in cash) Predetermined overhead rate based on direct labor cost 75% References Determine whether there is over or underapplied overhead Factory Overhead Applied overhead Actual overhead nderapplied overhead Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold View transaction list Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. Credit Transaction General Journal Debit Cost of goods sold Factory overhead Record entry Clear entry View general journal