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o The following information is available for Lock-Tite Company, which produces special-order security products and us costing system April 30 May 31 2:30:01 $45,500 10,700 65,500 57,000 22,300 40,600 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 215,000 355,000 2 , 85,000 125,000 1,450,000 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 355,000 Direct labor cost ne non o search O tion.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.m mapters 14 and 15 0 Saved Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 85,000 125,000 1,450,000 80% 5 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. Direct labor cost Indirect labor Factory Overhead 355,000 85,000 270,000 (Overhead Absorption General Journal >