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 Raw materials $ 47,000 $ 60,000 Work in process Finished goods 22,900 11,000 67,000 Activities and information for May 43,600 Raw materials purchases (paid with cash) Factory payroll (paid with cash) 218,000 361,000 Factory overhead Indirect materials Indirect labor 23,000 88 000 128,000 Other overhead costs Sales (received in cash) 1,480,000 Predetermined overhead rate based on direct labor cost 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 General Absorption Journal Determine whether there is over or underapplied overhead. Factory Overhead General Journal > Complete this question by entering your answers in the tabs below. Overhead General Absorption Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet A Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 View general journal Clear entry