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 $ $51,000 11,800 71,000 68,000 24,500 51,600 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 costa Sales (received in cash) Predetermined overhead rate based on direct labor cost 226,000 377,000 31.000 96.000 136,000 1,560,000 700 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 Joumal Determine whether there is over or underapplied overhead. Factory Overhead Actual overhead Applied overhead Overapplied overhead General Journal > A > Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Cost of goods sold Accounts payable Accounts receivable Cash Cost of goods sold Factory overhead Record en Vlow general Joumal Factory payroll