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. Inventories Raw materials Work in process Finished goods $43,e00 52,080 21,308 35, 690 10, 280 63,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 210,008 345,600 Indirect materials Indirect labor Other overhead costs 15,800 80,080 128,809 1,480,e0e Sales (received in cash) Predetermined overhead rate based on direct labor cost 78% Exercise 15-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May