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 $43,00 $ 52,800 Work in process 10,200 21,300 Finished goods 63,eee 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345, eee Factory overhead Indirect materials 15,eee Indirect labor Be, Bee Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 7866 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 Overhead Absorption 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 at Journal entry worksheet A Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits Transaction Debit Credit 1 General Journal Cost of goods sold Factory overhead Record entry Clear entry View general Journal