April 30 May 31 Inventories Raw materials $48,000 $ 62,000 Work in process Finished goods 11,200 68,000 23,300 45,600 Activities and information for May Raw materials purchases (paid with cash). 220,000 Factory payroll (paid with cash) 365,000 Factory overhead Indirect labor Indirect materials 25,000 90,000 Other overhead costs 130,000 Sales (received in cash) 1,500,000 Predetermined overhead rate based on direct labor cost 80% 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. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Factory Overhead