Required Information Use the following information to answer questions [The following Information applies to the questions displayed below) 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 $ $ 43,000 10,200 63,000 52,000 21,300 35,600 210,000 345,000 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with 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 15,000 80,000 120,000 1,400,000 70% Exercise 15-10 Journal entries for overhead LOP3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May. 210,000 345,000 Activities and information for May Raw materials purchases (paid with 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 15,000 80,000 120,000 1,400,000 70% Exercise 15-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts) 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May. Answer is complete but not entirely correct. Credit No Transaction General Journal Debit 120,000 1 1 Factory overhead Other accounts 120,000 241,500 2 2 Work in process inventory Factory overhead 241,500