ter 15 Saved Help Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which produces special-order security products and uses ajob order costing system. April 301 May 311 Inventories Raw materials Work in process Finished goods $43,000 52,000 21,300 35,600 10,200 63, 000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 210,000 345,000 Indirect materials Indirect labor Other overhead costs 15,000 80,000 120,000 1,400,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 70% Determine whether there is over or underapplied overhead Actual overhead ed overhead overhead Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold View transaction list View journal entry worksheet No Tra - 1- - I cost of goods sold Factory overhead 29,500