Chec 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 April 30 May 31 Work in process $52,000 12,000 $ 70,000 24,900 Finished goods 72,000 53,600 Activities and information for May Raw materials purchases (paid with cash). 228,000 Factory payroll (paid with cash) 381,000 Sales (received in cash) Factory overhead Indirect materials Indirect labor Other overhead costs Predetermined overhead rate based on direct labor cost 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. 33,000 98,000 138,000 1,580,000 758 Actual overhead Indirect labor Underapplied overhead Factory Overhead Applied overhead Underapplied overhead funderapplied overhead < Prev 5 of 10 Next >