The following information is available for Lock-Tite Company, which produces special-order security products and uses a job orde costing system April 30 May 31 $43,800 10,200 63,000 52,800 21,300 35,600 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 210,000 345, eee 15, eee e, een 120, eee 1,4ee, eee 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. Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Actual overhead Factory Overhead 215,000 185,500 Applied overhead Underapplied overhead 29,500