The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 38 May 31 Inventories Raw materials $47.000 60,000 Work in process 11,000 22,980 Finished goods 67,000 43,600 Activities and information for May Raw materials purchases (paid with cash) 218,000 Factory payroll (paid with cash) 361,000 Factory overhead Indirect materials 23,000 Indirect labor 88,000 Other overhead costs 128,000 Sales (received in cash) 1,480,000 Predetermined overhead rate based on direct labor cost 80% 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 > Complete this question by entering your answers in the tabs below. Overhead absorption General Journal repare 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. Transaction + General Journal Debit Credit Credit Record entry Clear entry View general journal