Exercise 2-13 Adjusting factory overhead LO P4 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 $ $50,500 11,700 70,500 67,000 24,300 50, 600 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 225,000 375,000 30,000 95,000 135,000 1,550,000 75% Determine whether there is over or underapplied overhead. Factory Overhead