7 5 points Slipped 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 Inventories Raw materials $47,800 $ Work in process 60,000 Finished goods 11,000 22,900 67,800 43,600 Activities and information for May Raw materials purchases (paid with cash) 218,000 Factory payroll (paid with cash) Factory overhead 361,000 Indirect materials 23,600 Indirect labor 88,000 Other overhead costs 128,000 Sales (received in cash) 1,480,000 Predetermined overhead rate based on direct labor cost BOS eBook Hint Prins Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to cost of Goods Sold Complete this question by entering your answers in the tabs below. References Overhead General Absorption Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cast of Goods Sold. View transaction list Journal entry worksheet 7. Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. oints Slupood Overhead General Absorption Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to cost of Goods Sold. View transaction list eBook Hint Journal entry worksheet A Print Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. References Noter Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general lournal