Exercise 02-13 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 May 31 $ $48,500 11,300 68,500 63,000 23,500 46,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cach) Factory payroll (pald with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales received in cash) Predetermined overhead rate based on direct labor cost 221,000 367,000 26,000 91,000 131,000 1,510,000 750 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 Absorption General Journal Determine whether there is over or underapplied overhead. Factory Overhead Ovemend 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 Record entry Clear entry View general Journal