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 $ $ 47,500 11,100 67,500 61,000 23, 100 44,600 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 costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 219,000 363,000 24,000 89,000 129,000 1,490,000 758 Determine whether there is over or underapplied overhead. Factory Overhead View transaction list Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal