Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 19

Refer to information in Exercise 19-7. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.
REFERENCE: Exercise 19-7
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.