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 Inventories Raw materials $51,500 $ 69,000 Work in process 11,900 24,700 Finished goods 71,500 52,600 Activities and information for May Raw materials purchases (paid with cash) 227,000 Factory payroll (paid with cash) 379,000 Factory overhead Indirect materials 32,000 Indirect labor 97,000 Other overhead costs 137,000 Sales (received in cash) 1,578,000 Predetermined overhead rate based on direct labor cost 80% Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to cost of Goods Sold 1 other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 137,000 1,570,000 sex 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 References Determine whether there is over or underapplied overhead. Factory Overhead General Journal > Me 1 of 3 Next > points Absorption Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to cost of Goods Sold. eBook View transaction list Hint References Journal entry worksheet M