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 Inventories Raw materials $ 48,000 $ 62,000 Work in process 11,200 23,300 Finished goods 68,000 45,600 Activities and information for May Raw materials purchases (paid with cash) 220,000 Factory payroll (paid with cash) 365,000 Factory overhead Indirect materials 25,000 Indirect labor 90,000 Other overhead costs 130,000 Sales (received in cash) 1,500,000 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. Next Visit question mapQuestion 12 of 13 Total12 of 13 Prev