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 $ $48,000 11,280 68,888 62,000 23,300 45,600 220, 80e 365,000 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 25, eee 90,000 130,000 1,500,000 80% Determine whether there is over or underapplied overhead. Factory Overhead Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold View transaction list Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal