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) Predetermined overhead rate based on direct labor cost April 30 $ 52,000 12,000 72,000 May 31 $ 70,000 24,900 53,600 228,000 381,000 33,000 98,000 138,000 1,580,000 75% 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 Determine whether there is over or underapplied overhead. Factory Overhead General Journal < Overhead Absorption General Journal > Journal entry worksheet < A Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal