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	$	43,000			$	52,000
Work in process		10,200				21,300
Finished goods		63,000				35,600
Activities and information for May
Raw materials purchases (paid with cash)						210,000
Factory payroll (paid with cash)						345,000
Factory overhead
Indirect materials						15,000
Indirect labor						80,000
Other overhead costs						120,000
Sales (received in cash)						1,400,000
Predetermined overhead rate based on direct labor cost						70	%

Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.