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 Complete this question by entering your answers in the tabs below. Overhead Absorption Determine whether there is over or underapplied overhead. Factory Overhead April 30 $ 51,000 11,800 71,000 General Journal May 31 $ 68,000 24,500 51,600 226,000 377,000 Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. 31,000 96,000 136,000 1,560,000 70% Complete this question by entering your answers in the tabs below. Overhead General Absorption Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods S View transaction list 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