Chapter 19, Problem 13E

Exercise 19-13
Adjusting factory overhead P4
Refer to information in Exercise 19-7. Prepare the journal entry to close overapplied or underapplied overhead to Cost of Goods Sold.
Exercise 19-7
Cost flows in a job order costing system
P1 P2 P3 P4
The following information is available for Lock-Tite Company, which produces special- order security products and uses a job order costing system.

Compute the following amounts for the month of May.

1. Cost of direct materials used.
2. Cost of direct labor used.
3. Cost of goods manufactured.
4. Cost of goods sold.*
5. Gross profit.
6. Overapplied or underapplied overhead.
*Do not consider any underapplied or overapplied overhead. Check (3) $625,400