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 Inventories Raw materials Work in process Finished goods $51,500 11,900 71,500 $ 69,000 24,700 52,600 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 227,000 379,000 Indirect materials Indirect labor Other overhead costs 32,000 97,000 137,000 1,570,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 80% Determine whether there is over or underapplied overhead Factory Overhead