The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories Raw materials Work in process Finished goods $46,50059,000 22,700 42,600 10,900 66,500 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 217,000 359, 000 Indirect materials Indirect labor Other overhead costs 22,000 87,000 127,000 1,470,000 70% Sales (received in cash) Predetermined overhead rate based on direct labor cost Determine whether there is over or underapplied overhead. Factory Overhead 22,000 87,000 Indirect materials Indirect labor Other overhead costs 15,300 Overapplied overhead 51,300 Applied overhead 157,600 Actual overhead The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. May Inventories $46,500 $59,000 22, 700 42,600 Raw materials Work in process Pinished goods 10,900 66,500 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid vith cash) Factory overhead 217,000 359,000 22,000 87,000 127,000 1,470,000 Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 70% Determine whether there is over or underapplied overhead. Factory Overhead 22,000 87,000 ndrect materials Indrect labor Other overhead costs 15,300 Overapplied overhead 157,600 Actual overhead