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 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) April 30 May 31 $43,000 $ 52,000 10,200 21,300 63,000 35,600 210,000 345,000 15,000 80,000 120,000 1,400,000 70% Predetermined overhead cate based on direct labor cost 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 < Overhead Absorption General Journal > The following information is available for Lock-Tite Company, which produces special-order security products a costing system 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 a Sales (received in cash). April 30 May 31 $43,000 10,200 $ 52,000 21,300 63,000 35,600 210,000 345,000 15,000 80,000 120,000 1,400,000 70% Predetermined overhead rate based on direct labor cost 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 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 Record entry Clear entry < Overhead Absorption View general journal