The following information is available for Lock-Down Company, which produces special-order security products and uses a job order cost accounting system.
April 30 May 31
Inventories
Raw materials $ 39,000 $ 53,000
Goods in process 11,500 17,500
Finished goods 60,000 31,000
Activities and information for May
Raw materials purchases (paid with cash) 189,000
Factory payroll (paid with cash) 410,000
Factory overhead
Indirect materials 13,000
Indirect labor 79,000
Other overhead costs 95,000
Sales (received in cash) 1,280,000
Predetermined overhead rate based on direct labor cost 65 %
Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. (Omit the “$” sign in your response.)
General Journal Debit Credit
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