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 process $48,000 11,200 $ 62,000 23,300 Finished goods 68,000 45,600 Activities and information for May Raw materials purchases (paid with cash) 220,000 Factory payroll (paid with cash) 365,000 Sales (received in cash) Factory overhead Indirect materials Indirect labor Other overhead costs Predetermined overhead rate based on direct labor cost 25,000 90,000 130,000 1,500,000 80% Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.