The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system May 31 April 30 $ 47,500 11,100 67,500 $ 61,000 23,100 44,600 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 219,000 363,080 24,000 89.000 129,00 1,490,000 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 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 General Journal > Overhead Absorption Journal entry worksheet