4 Exercise 15-13 Adjusting factory overhead LO P4 20 polnts The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system Inventories Raw materials Work in process Pinished gooda $51,500 11,900 71,500 s69,000 24,700 52,600 eBook Activities and information for Hay Rav naterials purchases (paid with cash) Pactory payro1l (paid with cash) Factory overhead 227,000 379,000 Indirect materials Indirect labor Other overhead coete 32,000 97,000 137,000 1,570,000 Print Salea (received in cash) Predetermined overhead rate based on direct labor cost 80% Determine whether there is over or underapplied overhead. Factory Overhead Actual overhead applied overhead