Raw materials The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories April 30 May 31 Work in process $47,000 11,000 S 60,000 22,900 Finished goods 67,000 43,600 Activities and information for May Raw materials purchases (paid with cash) 218,000 Factory payroll (paid with cash) 361,000 Factory overhead Indirect materials Indirect labor 23,000 88,000 Other overhead costs Sales (received in cash) 128,000 1,480,000 80% 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.