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 $50,000 11,600 70,000 66,000 24,100 49,600 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 224,000 373,000 29,000 94,000 134,000 1,540,000 758 Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Answer is not complete. Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Applied overhead Actual overhead Underapplied overhead Factory Overhead 178,000 84,700 93,300 186,600 General Journal > The following information is avallable for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $50,000 11,600 70,000 66,000 24,100 49,600 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 224,000 373,000 29,000 94,000 134,000 1,540,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Prepare the journal entry to allocate (close) overapplied or underapplied overhead to cost of Goods Sold. No Transaction General Journal Credit Debit 93,300 $ 1 Cost of goods sold Factory overhead 93,300 Overhead Absorption