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Required information Use the following information to answer questions (The following information applies to the...

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Accounting

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Required information 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 job order costing system. April 30 May 31 $43,000 10,209 63,089 52,800 21,300 35,600 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 210,000 345,000 15, eee 80,000 120,000 1,400,000 70% Predetermined overhead rate based on direct labor cost Exercise 02-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. 32:27 Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record other factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts.

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