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 $ $52,500 12,100 72,500 71,000 25,100 54,600 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 229,000 383,000 34,000 99,000 139,000 1,590,000 70% Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Factory Overhead han ng General Journal > Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to cost of Goods Sold. 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 1 Record entry Clear entry View general journal