Exercise 19-13 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 548,500 $ 63,800 Nork in process 11,200 23, see Finished goods 68,500 46,600 Activities and information for May Raw materials purchases (paid with cash) 221, eee Factory payroll (paid with cash) 367,000 Factory overhead Indirect materials 26,eee Indirect labor 91,000 other overhead costs 131,000 Sales (received in cash) 1,510,000 Predetermined overhead rate based on direct labor cost 75% 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 General Absorption Journal Determine whether there is over or underapplied overhead. Factory Overhead Actual overhead Under applied overhead Creta Aption General Journal > The following information is available for Lock-tite Company, which produces special-order security products and uses a job order costing system April se May 31 5 $43,500 11,300 68,500 53,000 23, See Inventories Raw materials work in process Finished goods Activities and information for y Raw materials purchases (paid oth cash) Factory payroll (paid with cash) Factory Overhead Indirect materials Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 221, 367,000 26, 91,00 231,00 3,518, ade 750 Determine whether there is over or underapplied overhead Prepare the journal entry to allocate (close) overappled or underapplied overhead 10 Cost of Goods Sold 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 ist Journal entry worksheet A Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note Enter debitsbegre credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general joumal