April 30 May 31 $ $ 47,000 11,000 67,000 60,000 22,990 43,600 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 218,080 361, 890 23,800 88,888 128, 008 1,480,000 80% Broctorio.com/secured#lockdown ed: Exam 1 Make-Up Saved Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of G View transaction list Journal entry worksheet A 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