chapter 15

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 5 $49,000 11,400 69,000 64,000 23,700 47,600 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 Creceived in cash) Predetermined overhead rate based on direct labor cost 222,000 369,000 27,000 92,000 132,800 1,520,000 704 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. 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 General Journal > 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 Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal