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 Inventories Raw materials $41,000 $ 41,000 Work in process 9,300 20,700 Finished goods 52,000 34,700 Activities and information for May Factory payroll (paid with cash) Factory overhead. Indirect materials Raw materials purchases (paid with cash) 193,000 250,000 6,000 Indirect labor Other overhead costs Sales (received in cash). Predetermined overhead rate based on direct labor cost Exercise 19-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. 57,500 119,500 1,900,000 55%