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 Work in procss Finished goods $43,000 52,000 21,300 35,600 10,200 63,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials 210,000 345,000 15,000 80,000 120,000 1,400,000 70% Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Determine whether there is over or underapplied overhead Determine whether there is over or underapplied overhead. C Answer is not complete. Factory Overhead Overapplied overhead Applied overhead Indirect materials Actual overhead 120,000 185,000 Underapplied overhead 65,000