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 $ $ 43,500 10,300 63,500 53,000 21,500 36,600 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 211,000 347,000 16,000 81,000 121,000 1,410,000 75% 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 Journal Determine whether there is over or underapplied overhead. Factory Overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 16,000 81,000 121,000 1,410,000 75 etermine whether there is over or underapplied overhead. epare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Good Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sol View transaction list Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction 1