4 Required information Use the following information to answer questions The following information applies to the questions displayed below) 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 $43,000 $ 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on 70% direct labor cost Exercise 15-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet 1 2 Record other factory overhead costs (excluding indirect materials and indirect labor). Record credit to other Accounts Note: Enter debits before credits. General Journal Debit Transaction 1 Credit Exercise 15-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. CE Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet 1 2 Record other factory overhead costs (excluding indirect materials and indirect labor). Record credit to other Accounts Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry