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 Apr 30 May 31 548,500 11,300 68,500 Inventories Raw materiais Work in process Finished good Activities and Information for May awateriale purchases (paid with cann) Factory payroll (paid with cash) Factory overhead Indirect materiale Indirect labor Other overhead costs Sales received in cash) predetermined overhead rate based on direct labor cost 63.000 23,500 46.600 221,000 367,000 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 Iwerhead to Cost of Goods Sold Answer is complete but not entirely correct. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Overhead General Absorption Journal Determine whether there is over or underapplied overhead. Indirect materials Indirect labor Underapplied overhead Factory Overhead 26,000 207,000 91,000 131,000 221,000 Applied overhead Other overhead costs