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 Inventor ies Raw materials Work in process Finished goods Activities and information for May Raw naterials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect 1abor Other overhead costs Sales (received in cash) Predetersined overhead rate based on direct 1abor cost $51, 500 11, 900 69, 080 24, 788 52, 680 71,500 227,000 379, 000 32,00e 97,800 137,e6e 1,570, 000 Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Soid Complete this question by entering your answers in the tabs below General ournal Overhead Absorption Determine whether there is over or underapplied overhead. Facsory Overbead General Journal Journal entry worksheet A Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits Debit Credit General Journal Transaction 1 View general journal Clear entry Record entry