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Exercise 02-13 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 $ $ 51,000 11,880 71,000 68,000 24,500 51,600 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 226,000 377,000 31,000 96,000 136,000 1,560,000 70% Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Actual overhead Underapplied overhead Factory Overhead 263,000 196,700 (Applied overhead 281,000 347 300 Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit A 1 66,300 Cost of goods sold Factory overhead 66,300