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The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system 5 points April 30 May 31 Book $47,500 11,100 67,500 61.000 23.100 44,600 Inventories Raw materials Work in process Finished goods Metivities and Information for May Raw materials purchases (paid with cash) Pactory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead coats Sales (received in cash) Predetermined overhead rate based on direct labor cost References 219,000 363,000 24,000 89,000 129,000 1,490,000 755 Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate close) overapplied or underapplied overhead to Cost of Goods Sold eBook Hint Overhead Absorption General Journal Print Determine whether there is over or underapplied overhead. References Indirect materials Indirect labor Other overhead costs Factory Overhead 24,000 205,500 Applied overhead 89,000 92,500 Complete this question by entering your answers in the tabs below. Book Hint Print Overhead General Absorption Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. View transaction ist View journal entry worksheet References No Transaction Debit Credit 1 35,500 General Journal Cost of goods sold Factory overhead