Managerial Accounting

The following information is available for Lock-Tite Company, which produces special-order security products and uses ajob order costing system. April 30 May 31 Inventories Raw materials $43,000 $ 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 70% Determine whether there is over or underapplied overhead. Prepare thejournal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. General Journal Overhead Absorpon Determine whether there is over or underapplied overhead. Overhead General Absorption 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. Record entry Clear entry View general journal