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 a job order costing system. April 30 May 31 $ $43,000 10,208 63,088 52,000 21,388 35,600 210.aaa 345,888 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, eea 80,000 120,000 1,400, see 7es Determine whether there is over or underapplied overhead. Factory Overhead Determine whether there is over or underapplied overhead. Answer is complete and correct. Actual overheads Factory Overhead 215,000 185,500 0 0 29,500 Applied overhead Underapplied overhead Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Answer is not complete. No Transaction Debit Credit General Journal No Transaction Recorded