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 Rav materials Work in process $48,500 11,300 $ 63,000 23,500 Finished goods. 68,500 46,600 Activities and information for May Rav materials purchases (paid with cash) 221,000 Factory payroll (paid with cash) 367,000 26,000 91,000 131,000 Sales (received in cash) 1,510,000 751 Factory overhead Indirect materials Indirect labor Other overhead costs 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 Determine whether there is over or underapplied overhead. Factory Overhead Overhead Absorption General Journal >