Required 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 30 542,800 9,200 53, een May 31 $ 42,000 20,600 33,700 174,000 150,000 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 10,000 34,500 97,500 1,600,000 55% Exercise 15-10 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. View transaction list Fepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record the application of overhead to work in process. Note: Enter debits before credits General Journal Transaction 2 Dobit Credit Record entry Clear entry View general journal