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 $52,500 12,100 $ 71,000] 25,100 Finished goods 72,500 Activities and information for May Raw materials purchases (paid with cash). Factory payroll (paid with cash) 54,600 229,000 383,000 Factory overhead Indirect materials Indirect labor Other overhead costs. Sales (received in cash) Predetermined overhead rate based on direct labor cost Determine whether there is over or underapplied overhead. 34,000 99,000 139,000 1,590,000 70% 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. Actual overhead Underapplied overhead Factory Overhead Next