Question

Help Save & Exit 2 Ch 15 Homework Saved 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 $ $34,000 9,700 64,000 50,000 18,700 33,200 3 of 3 180.000 150,000 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 10,000 34,500 108,500 1,700,000 558 01:57:13 Book Exercise 15-10 Journal entries for overhead LO P3 Ask 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process.

Answer 1

If it is helpful, please rate the answer and if any doubt arises let me know

Transaction	Account Titles and Explanation	Debit	Credit
1.	Factory Overhead	$          1,08,500
	Other accounts		$          1,08,500
2.	Work - in - process Inventory	$             63,525
	Factory Overhead		$             63,525
	[($150000 - $34500) X 55%]