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 $ $44,500 10,500 64,500 55,000 21,900 38,600 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 213,000 351,000 18,000 83,000 123,000 1,430,000 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 General Absorption Journal Determine whether there is over or underapplied overhead. Factory Overhead General Journal > Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold View transaction list Journal entry worksheet Record entry to allocate (close) underapplied/overapplied overhead to cost of goods sold. Note: Enter debits before credits. General Journal Transaction 1 Debit Credit Record entry Clear entry View general journal