Chec The following information is available for Lock-Tite Company, which produces special-order security products and uses a job ord costing system. Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Determine whether there is over or underapplied overhead. April 30 May 31 $43,000 10,200 63,000 $ 52,000 21,300 35,600 210,000 345,000 15,000 80,000 120,000 1,400,000 70% Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold